### **Overview** National Highways Infra Trust (NHIT) is an Infrastructure Investment Trust (InvIT) established by the National Highways Authority of India (NHAI) to own, operate, and monetize operational national highway assets across India. As of November 2025, NHIT manages a robust portfolio of road infrastructure assets aimed at generating stable, long-term cash flows through toll-based revenue models. The trust is structured to provide institutional and retail investors exposure to core Indian highway infrastructure, with a focus on high-traffic corridors in economically strategic regions. --- ### **Portfolio and Operations (as of Nov 2025)** - **Total Road Portfolio**: 2,345 kilometers across **26 operational projects** in 11 Indian states. - **Toll Plazas**: 41 active toll plazas managing traffic across key economic corridors. - **Subsidiaries**: Assets are held through two wholly-owned special purpose vehicles: - NHIT Western Projects Private Limited (NWPPL) - NHIT Eastern Projects Private Limited (NEPPL) - **Geographic Diversification**: Portfolio spans nine to eleven states, with **no single state contributing more than 20% of total revenue**, reducing regional concentration risk. - **Strategic Focus**: Strong presence in **high-growth Indian states**, aligning with national economic expansion and rising freight/passenger mobility demand. NHIT contributed **7% of total trust revenue in FY2025**, demonstrating its foundational role in the InvIT’s income generation. --- ### **Key Projects & Traffic Corridors** #### **Gandhidham (Kandla) – Mundra Port Highway** - **Function**: Handles strategic **freight traffic** from major warehousing hubs in Gandhidham, Anjar, and Mundra. - **Cargo Types**: Agro-products, plywood, and FMCG goods. - **Catchment Areas**: Rajasthan, North India, Ahmedabad, and South Gujarat. - **Maintenance Outlook**: Forecasted major expense of **INR 39 million in FY32**, with no significant outlays expected before or after FY35 — indicating a period of low capex and stable cash flow. #### **Gundugolanu - Devarapalli - Kovvuru Highway** - **Connectivity**: Links Eluru/Vijayawada, Devarapalli/Rajamahendravaram, Hyderabad, and Bengaluru. - **Maintenance Forecast**: Major capex of **INR 37 million in FY32**, no significant expenses projected through FY35. #### **Rewa - Katni - Jabalpur - Lakhnadon Road (Madhya Pradesh)** - **Strategic Significance**: Connects four districts and integrates with India’s **East-West Corridor (Kolkata–Delhi)** and **North-South Corridor (NH-44)**. - **Maintenance Costs**: Substantial outlay of **INR 2,696 million in FY30**, with smaller expenses in intervening years. #### **Shivpuri–Jhansi Highway** - **Traffic Profile**: Facilitates long-distance east-west movement and regional traffic from Kanpur-Lucknow, Indore, Maharashtra, and Gujarat. - **Capex Plan**: Major maintenance of **₹1,100 million in FY31** and **₹74 million in FY35**, but **no significant costs from FY23 to FY28**, supporting strong, predictable cash inflows during this period. --- ### **Long-Term Maintenance Planning (Portfolio-Wide)** NHIT demonstrates disciplined, forward-looking asset management with detailed forecasting of major maintenance expenditures: - **INR 38 million** – FY32 - **INR 96 million** – FY39 - **INR 2,007 million** – FY44 - **INR 1,503 million** – FY45 This reflects a clear **long-term capital planning framework** to ensure asset longevity and investor return stability. --- ### **Leadership & Governance** #### **Mr. Rakshit Jain – Managing Director & CEO (Investment Manager)** - Over **30 years of experience** in core infrastructure sectors, including roads, power, ports, airports, renewables, and industrial infrastructure. - Proven track record in **project bidding, acquisitions**, and platform building. - Led acquisition of a coal-based power project and founded **Walter Infra Manager** for Nxt-Infra Trust. - Former senior roles at **Autostrade Indian Infrastructure** and **GVK Group** — blending public and private sector expertise in highway development and operations. #### **Mr. Anurag – Chief Investment Officer** - Leads **asset acquisitions, fundraising, and investor relations**. - Brings **20 years of financial and project finance experience** from top institutions: Kotak Investment Banking, IDFC, ICICI Bank, and L&T IDPL. - Education: B.Tech in Computer Science, MBA in Finance & Operations from **IIM Lucknow**. --- ### **Investor & Strategic Context** - NHIT exemplifies NHAI’s broader strategy of **monetizing brownfield highway assets** via InvITs to recycle capital into new infrastructure development. - The trust benefits from participation by seasoned professionals with deep **infrastructure equity and project finance** expertise, including figures like **Ms. Kavita Saha (CPPIB)** and **Suresh Goyal (ex-Macquarie)**, who bring international best practices in infrastructure investment and TOT models. --- ### **Industry Peer Context (as of Nov 2024)** NHIT operates within a competitive landscape of Indian infrastructure developers, including: - **Larsen & Toubro (L&T)**: India’s largest EPC player with strong BOT and renewable energy projects. - **IRB Infrastructure, KNR Constructions, Reliance Infrastructure, Dilip Buildcon, and HCC**: Active in BOT road development. - **IL&FS Transportation Networks Ltd (ITNL)**: Major holder of stressed and operational BOT assets. - These companies highlight the maturity and scale of India’s highway EPC and concession market, within which NHIT plays a critical role as a **passive income-generating investment vehicle**. Additionally, initiatives like **Project Ascent (Round 4)** — involving 844 km of highway sections — reflect ongoing government efforts to expand investible infrastructure assets, creating potential acquisition pipelines for NHIT. ---