NHAI readies Public InvIT 2.0 to widen road asset monetization
SEPTEMBER 17, 2026
Strong investor response to first Public InvIT programme prompts government to identify a fresh pool of National Highways Authority of India (NHAI) assets for monetization
A senior government official told Moneycontrol that monetisation of infrastructure assets, particularly roads and highways, remains a priority for the government
The Centre is preparing to launch the second phase of its Public Infrastructure Investment Trust (InvIT) programme in the coming weeks, with the National Highways Authority of India (NHAI) identifying a fresh set of road assets that could be monetised, government sources said.
The move comes after the strong investor response to the first Public InvIT programme. A senior government official told Moneycontrol that monetisation of infrastructure assets, particularly roads and highways, remains a priority for the government.
“The NHAI will launch a public InvIT 2.0 in the coming weeks to expand monetisation of road and highways assets. The InvIT 1.0 received a strong response from investors, which gives the government the confidence to launch another phase of the scheme,” the official told Moneycontrol.
The NHAI has established Raajmarg Infra Investment Trust (RIIT), a Public InvIT, under the regulatory framework of the Securities and Exchange Board of India (SEBI). The second phase will involve bringing a fresh pool of road assets into the public trust structure.
RIIT’s initial public offering of Rs 6,000 crore opened on March 11 this year. The trust was subsequently listed on the BSE and NSE later that month.
NHAI accepted an offer from RIIT amounting to Rs 9,500 crore towards monetisation of five sections spanning more than 260 km across four states, according to a government release.
An InvIT works somewhat like a mutual fund – it pools money from investors into operational, revenue-generating assets such as toll roads and distributes returns largely from the cash flows generated by those assets. The Public InvIT route was designed to allow retail investors to participate in highway asset monetisation, unlike NHAI’s older private trust, which was primarily aimed at institutional investors.
NHAI plans to further transfer about 1,500 km of additional road assets to RIIT over the next three to five years, the government had said earlier on February 9 in a statement. The authority also operates the National Highways Infra Trust (NHIT), which has monetised more than 2,300 km of highways since its establishment.
The move is part of the government's larger effort to raise resources by monetising operational infrastructure rather than relying solely on budgetary allocations and borrowings. Under the second phase of the National Monetisation Pipeline, running from FY26 to FY30, the government has set an overall target of Rs 16.72 lakh crore across sectors, of which highway assets alone are expected to account for about Rs 4.14 lakh crore.
RIIT is managed by Raajmarg Infra Investment Managers Private Limited, a company set up by NHAI with equity participation from banks and financial institutions.
The Public InvIT model allows the government to unlock capital from operational highway assets while retaining a structure through which investors can participate in the cash flows generated by the assets. The proceeds can then support further infrastructure investment without relying entirely on fresh budgetary allocations.