The National Highways Authority of India (NHAI) is closing in on its FY2025–26 asset monetisation target, having already mobilised ₹28,307 crore through a mix of Infrastructure Investment Trusts (InvITs) and Toll-Operate-Transfer (TOT) transactions. With bids for the latest TOT bundle under evaluation, the authority is on track to meet the centre’s ₹30,000-crore goal for the current fiscal.

The push comes at a time when the government is increasingly relying on asset recycling to fund new infrastructure without straining public finances. Instead of building roads purely through budgetary allocations, operational highway assets are being monetised and handed over to private players for a fixed concession period.

This allows NHAI to unlock upfront capital, which can then be redeployed into new highway construction, expansion, and debt reduction. The approach has gained momentum over the past few years as part of the Centre’s broader National Monetisation Pipeline.

A significant portion of the proceeds has come from InvIT Round-5, under which NHAI monetised over 310 km of highway stretches. The bundle has been awarded to NHIT Western Projects Private Limited for a concession value of ₹6,366.98 crore, with a 20-year tenure. The package includes key road assets such as the Amravati–Chikhali–Tarsod stretch of NH-53 in Maharashtra and the Gundugolanu–Chinna Avutapalli stretch of NH-16 in Andhra Pradesh, along with multiple toll plazas.

InvIT momentum boosts investor confidence

The latest monetisation push follows the successful listing of the NHAI-sponsored Raajmarg Infra Investment Trust (RIIT) on the Bombay Stock Exchange (BSE) earlier this month. The public issue, which was oversubscribed nearly 14 times, underscores strong investor appetite for operational highway assets and confidence in India’s infrastructure pipeline. RIIT has secured five road assets across states including Tamil Nadu, Karnataka, Andhra Pradesh, and Jharkhand, with a total concession value of around ₹9,500 crore.

TOT route continues to gain traction

Alongside InvITs, the TOT model has also contributed meaningfully to NHAI’s resource mobilisation. The authority recently awarded TOT Bundle-18 for ₹3,087 crore, covering a 74.5-km stretch of NH-16 in Odisha. The project has been bagged by IRB Chandibhadra Tollway Private Limited, which will operate and maintain the highway while collecting toll revenues over a 20-year concession period.