There have been several milestones along the National Highways Authority of India’s (NHAI’s) road to development, and the next one appears to be the launch of its infrastructure investment trust, or InVit. At a fundamental level, InVits are the most logical vehicles for owning cash generating infrastructure assets. A gradual transfer of operating roads to newly-launched public and private InVits is already underway.
In all likelihood, bidders for toll-operate-transfer (ToT) projects have also factored in eventual transfer of roads to InVit. By launching its own InVit, the NHAI is broadening the market for transfer of more operating assets into these
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