Premji Invest makes ₹754 crore bet on NHAI’s InvIT

Premji Invest, the family office of Wipro founder chairman Azim Premji, has acquired a 2.61% stake in National Highways Infra Trust (NHIT) in a transaction valued at ₹754 crore through open market transactions. The purchase was carried out on December 22, 2025, through Prazim Trading and Investment Company Pvt Ltd, an entity associated with Premji Invest and part of the promoter group of Wipro.

According to exchange bulk deal disclosures, Prazim Trading acquired 5.06 crore units of NHIT at an average price of ₹149.06 per unit, taking the total consideration to ₹754.24 crore. Currently, NHIT unit were trading at ₹149 apiece on the National Stock Exchange.

The seller in the transaction was Vidyaniti LLP, which offloaded the same number of units at the identical price through the open market. Earlier in March 2025, Vidyaniti LLP and other investors had acquired a 4.25% stake in NHIT for ₹1,100 crore from NHAI.

National Highways Infra Trust, sponsored by the National Highways Authority of India (NHAI), was set up in 2021 as part of the government’s asset monetisation strategy. The trust provides investors exposure to operational highway assets while enabling the recycling of capital for new infrastructure development.

Recently, ratings agency ICRA projected that the state-owned NHAI could garner ₹35,000–40,000 crore in FY2026 through road asset monetisation, provided the assets are identified in a timely manner. This would mark a healthy improvement over the ₹24,399 crore monetised in FY2025 and would also exceed the budgeted monetisation target of ₹30,000 crore for FY2026.

According to ICRA, these estimates are based on a median valuation multiple of 0.62 times observed across the 10 toll-operate-transfer (TOT) bundles awarded over the past three years.

NHAI has identified a robust pipeline of projects for monetisation, including the expected completion of five TOT bundles for which bidding has already been initiated. In addition, it has earmarked the transfer of select highway stretches to the InvIT set up by the authority.

In March 2025, NHIT concluded its fourth round of fundraising at an enterprise value of around ₹18,380 crore, taking the total realised value across four rounds to more than ₹46,000 crore.

For the full fiscal year ended March 31, 2025 (FY25), NHIT reported a net profit of ₹325.01 crore, while revenue rose to ₹2,363.82 crore, a sharp jump from ₹943.91 crore in FY24, driven by the addition of “leap assets”. Revenue for Q2 FY26 stood at ₹1,013.86 crore.

As of December 2025, NHIT’s market capitalisation was around ₹28,859 crore, with units trading at ₹149, close to their 52-week high of ₹151.