### **Overview** Interise Trust is one of India’s leading Infrastructure Investment Trusts (InvITs) focused on the roads sector, operating a diversified portfolio of national highway assets across eight Indian states. The Trust has established itself as a significant player in infrastructure monetization through public-private partnerships (PPPs), emphasizing operational efficiency, strategic portfolio expansion, and unitholder value creation. Backed by long-term institutional investors including CPP Investments, Allianz, and OMERS Infrastructure, Interise Trust owns and manages road assets through wholly owned Special Purpose Vehicles (SPVs), leveraging economies of scale and standardized operational frameworks. --- ### **Portfolio & Asset Base (as of Jun–Nov 2025)** - **Total Portfolio**: 16 operational Build-Operate-Transfer (BOT)/annuity road projects (down from 17 previously, due to consolidation or exit activity). - **Lane Kilometers**: Approximately **7,107 lane kilometers**, with prior reporting indicating ~7,300 lane km in 2024, reflecting potential asset rationalization. - **Geographic Spread**: Assets located across **eight states** — Andhra Pradesh, Bihar, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, and Telangana. - **Concessioning Authorities**: - ~95% of revenue derived from projects under concession with **NHAI** (ICRA AAA-rated, Stable outlook). - Remaining ~5–6% from state government authorities, providing income diversification. - **Ownership Structure**: Held via 100% stake in SPVs ("Specified Companies"), with a holding company and **Interise Project Managers Private Limited** serving as the dedicated project management arm. --- ### **Recent Strategic Developments** #### **1. Acquisition Strategy & Portfolio Expansion** - **Jun 2023**: Completed acquisition of **five operational NH projects** (3 toll + 2 annuity) from Brookfield Group for **INR 89,409 million**. - Combined length: **514.9 km** across Uttar Pradesh, Bihar, Maharashtra, and Andhra Pradesh. - All projects under NHAI concession; four rated investment-grade by ICRA. - This acquisition nearly doubled the Trust’s enterprise value and expanded footprint into high-GDP growth corridors. - **Jul 2023**: Established an **in-house project management team** by acquiring **IndInfravit Project Managers Private Limited**, enhancing control over SPV performance and maintenance standards. #### **2. Financing & Capital Structure** - **Jun 2023**: Successfully refinanced short-term fixed-rate debt with **long-term variable-rate loans** from new financial institutions. - Positions the Trust to benefit from declining interest rate cycles. - Strengthened financial flexibility ahead of major acquisitions. #### **3. Digital Transformation & Operations** - Fully digitized core operations using an **integrated ERP system**, covering: - Finance - Procurement - Toll operations - Contract management - Route operations - Enhances transparency, efficiency, and real-time monitoring across assets. --- ### **Key Projects in Portfolio (as of May 2025)** | **Project Company** | **Highway/Location** | **Length (km)** | **Lanes** | **Model** | **Concession Period** | |---------------------|------------------------|------------------|-----------|-----------|------------------------| | **Simhapuri Expressway Ltd (SEL)** | NH5, Nellore–Chilakaluripet (AP) | 183.7 | 6-lane | BOT (Toll) | 2010–2040 (w/ extension) | | **Rayalseema Expressway Pvt Ltd (REL)** | NH40, Cuddapah–Kurnool (AP) | 188.8 | 4/6-lane | BOT (Toll) | 30 years | | **Krishnagiri Thopur Toll Road (KTTPL)** | NH44, Tamil Nadu | 86.0 | 4-lane | DBFOT | – | | **Krishnagiri Walajahpet Tollway (KWTPL)** | NH46, Tamil Nadu | 148.3 | 6-lane | DBFOT | – | | **Devihalli Hassan Tollway (DHTPL)** | NH75, Karnataka | 77.2 | 4-lane | DBFOT | Dec 2010 – Dec 2040 (+801 days) | | **Bhilwara-Rajsamand Tollway (BRTPL)** | NH758, Rajasthan | – | 4-lane | DBFOT | – | | **Western Andhra Tollways (WATPL)** | Telangana | – | 4-lane | BOT | – | > *Note: DHTPL project cost INR 4,940 million; includes 19 km bypass and two toll plazas. Commercial operations began October 2013.* --- ### **Workforce & Organizational Growth** - **Headcount Growth**: - **FY19**: 233 employees - **FY25**: Stabilized at **581 employees** (149% increase over six years) - **Growth Phases**: - **FY21–FY22**: Structured hiring across SPVs and SBUs. - **FY23–FY24**: Major expansion to 582 FTEs; introduced formal training and development programs. - **FY24–FY25 Focus**: Shifted toward **retention, upskilling, and culture building** — signaling maturity in organizational structure. --- ### **Leadership & Strategic Vision** - **Sudhakar Mallya**, Managing Director at **CPP Investments**, has played a pivotal role in shaping Interise Trust’s investment strategy in India. - Instrumental in building CPP’s India infrastructure platform. - Key investor in multiple Indian InvITs including NHAI InvIT, PGCIL InvIT, and Interise Trust. - Deep understanding of Indian regulatory, tax, and InvIT structures enhances strategic governance.