NHAI InvIT looks to raise additional Rs 3,800 cr: Minister Nitin Gadkari

National Highways Infra Trust (NHAI InvIT) is looking to raise additional Rs 3,800 crore, Road Transport and Highways Minister Nitin Gadkari said on Thursday.

Addressing an event organised by National Highways Infra Trust, Gadkari said that of the additional fundraise, around Rs 1,500 crores are being garnered through an issue of non-convertible debentures (NCDs) with a long-dated maturity of 24 years.

These InvIT bonds will be listed on BSE and NSE providing an opportunity for investors to invest and trade, he added.

NHAI InvIT is the infrastructure investment trust sponsored by the National Highway Authority of India (NHAI) to support the government's National Monetisation Pipeline (NMP).

Gadkari said that the InvIT, so far, has raised more than Rs 8,000 crore from foreign and Indian institutional investors.Infrastructure Investment Trusts (InvITs) are instruments on the pattern of mutual funds, designed to pool money from investors and invest in assets that will provide cash flows over a period of time.

Gadkari noted that India is one of the fastest-growing economies in the world and the development of highways in the country will play a crucial role in its growth.

The minister said the government is working to connect the North Eastern part of the country to the highways network.

"We are working to provide all-weather connectivity to religious and tourist places," he said.

The road transport and highways minister said the network of expressways under the Bharatmala Pariyojana has been constructed across the country.

"We are working to reduce our logistics cost to single digit from 13-14 per cent of GDP presently," he said.