The National Highways Infra Trust (NHIT), set up by NHAI, has completed its fourth round of fund-raising at an enterprise value of Rs. 183.8 billion (bn), marking the largest monetisation deal in India's road sector. This brings NHIT’s total realised value across four rounds to over Rs. 460 bn.

In this round, NHIT secured Rs. 83.4 bn in unit capital from domestic and international investors and Rs. 100.4 bn in debt from domestic lenders. The funds will be used to acquire highway stretches in Andhra Pradesh, Uttar Pradesh, Uttarakhand, Gujarat, and Chhattisgarh at a concession value of Rs. 177.38 bn. Investors subscribed at Rs. 133.50 per unit, exceeding the Dec 31, 2024, NAV of Rs. 131.94 per unit.

The issue saw strong demand from pension funds, insurance firms, banks, and investment funds. Notably, EPFO invested Rs. 20.35 bn—its first-ever InvIT investment—while NHAI subscribed to 15 per cent of the units.

With this round, NHIT will now manage 26 toll roads (41 plazas) spanning 2,345 km across 12 states with concession periods of 20 to 30 years.