RaajMarg Infra Investment Trust is India’s first publicly listed highways InvIT - a trust that owns toll roads, collects the fees, and passes the cash to its unitholders, much like a landlord collects rent. It was created by the Government of India and the National Highways Authority of India (NHAI), with leading financial institutions as partners, to let public investors own a slice of the country’s national highway network while providing NHAI a way to recycle capital into new roads. The recurring approach is simple: buy operational highways with long concessions, maintain them well, collect tolls that rise predictably each year, and distribute the steady cash flows - a model built for stability, not speculation.
Business segments
A single engine - five operational toll roads on the Golden Quadrilateral, held under one structure, generating cash from one activity: collecting tolls.
1. Toll road portfolio: a landlord on India’s busiest highways
The Trust owns five operational stretches of the Golden Quadrilateral, collects tolls from every vehicle that passes, and benefits from contractually rising rates - a cash-flow engine with no construction risk.
- Toll collection is the sole revenue stream - every truck, bus, and car using these five highway stretches pays a toll, and that fee is the Trust’s only source of income, driven entirely by traffic volumes and periodic rate revisions.
- Rates rise predictably every year - tolls escalate by a fixed 3% annually plus an indexation linked to 40% of the prior year’s Wholesale Price Index (WPI) increase, subject to government approval, so revenue has a built-in growth mechanism that partly tracks inflation.
- The assets sit on India’s freight backbone - all five roads are part of the Golden Quadrilateral, the national network connecting Delhi, Mumbai, Chennai, and Kolkata, which means they serve corridors linking ports, industrial hubs, and urban centres where freight and passenger traffic are structurally high.
- A 15-year concession with no residual construction gamble - the roads were acquired under the Toll Operate Transfer (TOT) model from NHAI, meaning they were already built and operational when handed over on 01 April 2026; the Trust simply operates and maintains them for the 15-year concession period.
- Operations are outsourced for efficiency - maintenance is undertaken by the toll operator and the Trust relies on third-party contractors for operations and maintenance, so the Trust itself remains asset-light at the operating level while retaining full ownership of the cash flows.
Group structure and partners
The Trust is backed by NHAI as its sponsor and pipeline provider, with a blue-chip investment manager and a structure designed to keep interests aligned.
- NHAI is both sponsor and anchor supplier - NHAI has committed a pipeline of over 1,500 kilometres of operational national highway assets for potential future induction into the Trust and intends to hold at least 10% unitholding throughout the Trust’s life, aligning its interests with public unitholders.
- The Investment Manager brings institutional heft - Raajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL) is a collaboration between NHAI, leading domestic banks and financial institutions, with a board that includes their nominees alongside independent directors.
- A single SPV holds all the assets - the five toll roads are held through Raajmarg 1 Projects Private Limited, a wholly owned project SPV, keeping the ownership structure clean and the cash flows ring-fenced.
- The Trustee provides independent oversight - IDBI Trusteeship Services Limited acts as the Trust’s trustee, a standard safeguard in the InvIT structure that protects unitholder interests.