**Executive Summary**
The National Highways Authority of India (NHAI) has realized Rs. 28,307 crore toward its FY 2025–26 asset monetization target of Rs. 30,000 crore through InvIT and TOT models. Significant milestones include awarding InvIT Round-5 and TOT Bundle-18, alongside the successful public listing of the Raajmarg Infra Investment Trust (RIIT) on March 24, 2026. TOT Bundle-19 is currently under technical evaluation to bridge the remaining budgetary gap.
**Key Points / Main Content**
*Asset Monetization Progress*
* NHAI has achieved nearly 94% of the Government of India's Rs. 30,000 crore target for the current fiscal year.
* Revenue was generated through a combination of Public InvIT, Private InvIT, and Toll-Operate-Transfer (TOT) bundles (17 and 18).
*Infrastructure Investment Trust (InvIT) Round-5*
* Awarded to NHIT Western Projects Private Limited for a 20-year concession period.
* Realized a concession fee of Rs. 6,366.98 crore for over 310 km of National Highways.
* Includes the Amravati–Chikhali–Tarsod section (NH-53) in Maharashtra and the Gundugolanu–Chinna Avutapalli section (NH-16) in Andhra Pradesh.
* Assets involve multiple toll plazas, including Nashirabad, Dasarkhed, Taroda Kasba, Kurankhed, and Kalaparru.
*Toll-Operate-Transfer (TOT) Bundle-18*
* Awarded to M/s IRB Chandibhadra Tollway Private Limited for Rs. 3,087 crore with a 20-year concession.
* Covers the 74.5 km Chandikhole–Bhadrak section of NH-16 in Odisha.
* Requirements: The concessionaire must undertake Operation and Maintenance (O&M) and collect user fees in accordance with National Highways Fee Rules.
*Public Listing of Raajmarg Infra Investment Trust (RIIT)*
* Listed on the Bombay Stock Exchange (BSE) on March 24, 2026.
* Secured rights to five highway assets in Jharkhand, Tamil Nadu, Andhra Pradesh, and Karnataka for approximately Rs. 9,500 crore.
* The issue was oversubscribed nearly 14 times, financed through a combination of equity and debt.
**Impact Analysis**
**National Highways Authority of India (NHAI) / Government of India**
**Impact**
Successful monetization facilitates the mobilization of resources necessary for continued National Highway infrastructure development across the country.
**Action Required**
NHAI must complete the technical evaluation of bids for TOT Bundle-19 to meet the final fiscal year target.
**Private Concessionaires (NHIT Western Projects and IRB Chandibhadra)**
**Impact**
These entities have secured 20-year operational and fee-collection rights for key highway stretches in Maharashtra, Andhra Pradesh, and Odisha.
**Action Required**
Manage designated highway sections, fulfill operation and maintenance obligations, and collect user fees as per the National Highways Fee Rules.
**Public and Institutional Investors**
**Impact**
Investors have gained access to high-growth potential infrastructure assets through the BSE listing of RIIT.
**Action Required**
Participate in the financing of infrastructure assets through equity and debt instruments as provided by the structured monetization frameworks.
Key Entities Referenced
National Highways Authority of India (NHAI): The primary agency responsible for executing the national highway asset monetisation programme to meet government-budgeted targets.
Infrastructure Investment Trust (InvIT): A financial programme used by NHAI to monetise operational national highway sections through private and public investment rounds.
Toll-Operate-Transfer (TOT) model: A monetisation framework where bundles of national highways are awarded to private concessionaires for operation, maintenance, and fee collection.
Raajmarg Infra Investment Trust (RIIT): An NHAI-sponsored trust listed on the BSE that manages operational highway assets across multiple states through equity and debt financing.
National Highways Fee Rules: The legal framework governing the collection of user fees by concessionaires on monetised national highway sections.
Ministry of Road Transport & Highways
NHAI Poised to Achieve FY 2025–26
Monetisation Target, Realises over Rs. 28,300
Crores Through InvIT and TOT Models
Awards InvIT Round-5 for Rs. 6,366.98 Crores for two NH
sections in Maharashtra and Andhra Pradesh
Awards Toll, Operate and Transfer (TOT) Bundle-18 for Rs.
3,087 Crores for 74.5 km long NH section in Odisha
Posted On: 30 MAR 2026 6:36PM by PIB Delhi
In a significant milestone towards achieving the asset monetisation target for FY 2025–26, NHAI
has realised Rs. 28,307 crores through a combination of Public InvIT, Private InvIT, and Toll-
Operate-Transfer (TOT) model, including TOT Bundles 17 and 18. With bids received for TOT
Bundle-19, which are under technical evaluation, NHAI is well poised to achieve the Government
of India’s budgeted target of Rs. 30,000 crore for current FY 2025–26.
Contributing significantly to this achievement, NHAI has successfully monetised over 310 km of
National Highways under InvIT Round-5 as part of its Infrastructure Investment Trust (InvIT)
programme. The InvIT-5 has been awarded to NHIT Western Projects Private Limited for a
concession fee of Rs. 6,366.98 crore for a period of 20 years. InvIT-5 comprises of two key
National Highway sections across Maharashtra and Andhra Pradesh, including 255.9 km long
Amravati–Chikhali–Tarsod section of NH-53 in Maharashtra and 54.3 km long Gundugolanu–
Chinna Avutapalli section of NH-16 in Andhra Pradesh. The assets comprises toll plazas such as
Nashirabad, Dasarkhed, Taroda Kasba, Kurankhed, and Kalaparru.
Further strengthening the monetisation efforts, NHAI has also successfully realized Toll-Operate-
Transfer (TOT) Bundle-18 for Rs. 3,087 crore, which includes 74.5 km long Chandikhole–
Bhadrak section of NH-16 in Odisha. TOT-18 has been awarded to M/s IRB Chandibhadra
Tollway Private Limited for a concession period of 20 years. Under this, the concessionaire will
undertake Operation and Maintenance of the National Highway section and collect user fee in
accordance with the National Highways Fee Rules.
Earlier, maiden public issue of the NHAI-sponsored Raajmarg Infra Investment Trust (RIIT) was
listed on the Bombay Stock Exchange (BSE) on 24th March 2026. RIIT secured rights to five
operational National Highway assets located in the states of Jharkhand, Tamil Nadu, Andhra
Pradesh, and Karnataka, for a total concession value of approximately 9,500 crore. The
acquisition of these assets was financed through a combination of equity and debt. The publicissue was oversubscribed nearly 14 times, reflecting strong investor confidence in India's
infrastructure sector, the Government's asset monetisation programme, and the long-term
growth prospects of national highway assets
These milestones underscore NHAI’s continued focus on leveraging operational National
Highway assets through transparent and structured monetisation frameworks to mobilise
resources for National Highway infrastructure development across the country.
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GDH/HJ
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