NHAI designated 1,360 km of highways (80% of FY27 monetisation goals) for InvITs, redirecting the proceeds toward debt repayment.

An InvIT is a trust that buys finished roads and shares the toll income with its investors.

NHAI picked 17 operating stretches covering 1,692 km for monetisation this year, and it now plans to send 1,360 km of them to InvITs.

The rest will follow the older toll-operate-transfer route, known as ToT, where a private firm pays upfront to collect tolls for a fixed period.

The Road Transport Ministry first signalled this preference in February 2025. This year, the plan is taking shape on the ground.

The money has one job. NHAI says InvIT proceeds go towards paying down debt, which now stands below Rs 2 lakh crore, compared with Rs 3.42 lakh crore at the end of 2022-23.

Two InvITs will take the highways. Raajmarg Infra Investment Trust, the newly launched public one, has been offered 10 stretches of about 910 km.

On 22 October, NHAI gave principal approval for that list, which covers 910.76 km across seven states, with Uttar Pradesh holding the biggest share at 429.3 km.

The trust’s investment manager still has to review it, and no price has been shared.

The other 450 km goes to National Highway Infra Trust, which is in its sixth round of buying highway assets.

Raajmarg made its debut last year by buying 260 km of roads for Rs 9,500 crore.

Because it is a public InvIT, retail investors can subscribe to its units, while the other trust’s unitholders are Indian and overseas funds.

NHAI holds 15% of Raajmarg’s units and 10% of the other trust’s. The ToT route has not gone quiet.

In July, NHAI closed its first ToT deal of the year, handing over 184.5 km of highways in Tamil Nadu under Bundle 19 for Rs 2,259 crore.

Bidding is still open for Bundles 20, 21 and 22, and the authority is working towards an annual monetisation target of Rs 30,000 crore.

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