Parliament Question: NHAI borrowings, monetization and financial risks

GOVERNMENT OF INDIA MINISTRY OF ROAD TRANSPORT AND HIGHWAYS RAJYA SABHA UNSTARRED QUESTION NO. 1362 ANSWERED ON - 11/02/2026 NHAI BORROWINGS, MONETIZATION AND FINANCIAL RISKS 1362. SMT. SEEMA DWIVEDI: SHRI KESRIDEVSINH JHALA: SHRI NARHARI AMIN: DR. MEDHA VISHRAM KULKARNI: SHRI MADAN RATHORE: Will the Minister of ROAD TRANSPORT AND HIGHWAYS be pleased to state: - (a) the outstanding debt status of National Highways Authority of India (NHAI) as of the latest quarter; (b) in what manner highway monetization through Toll-Operate-Transfer (TOT) and Infrastructure Investment Trusts (InvITs) have contributed to debt servicing; (c) whether any monetization bundle failed to attract the expected bids, if so, the details thereof; and (d) the safeguards in place to ensure that highway maintenance is not financially constrained? ANSWER THE MINISTER OF ROAD TRANSPORT AND HIGHWAYS (SHRI NITIN JAIRAM GADKARI) (a) The outstanding debt of the National Highways Authority of India (NHAI) at the end of latest quarter i.e. on 31.12.2025 was Rs. 2,37,247.95 crore. (b) The fund raised through Toll-Operate-Transfer (TOT) mode is transferred into the Consolidated Fund of India (CFI), which is ploughed back to NHAI through budgetary support as NHAI investment and can be used for investment on projects and Debt servicing. The details of TOT and Infrastructure Investment Trust (InvIT) receipts are at Annexure. (c) The following 4 TOT Bundles failed to attract expected bids: I. TOT Bundle-2 II. TOT Bundle-6 III. TOT Bundle-8IV. TOT Bundle-10 TOT Bundle-15 was closed on expiry of bid validity. (d) The concessionaires in TOT/InvIT- based concession contracts are under obligation to maintain the roads during the concession period and the cost towards Operation & Maintenance (O&M) and required overlays are already factored in their financing model and concession value. In case of failure to maintain the highways upto expected standards, appropriate action in terms of the concession agreement can be taken against the concessionaire.ANNEXURE REFERRED TO IN REPLY TO PART (B) OF RAJYA SABHA UNSTARRED QUESTION NO. 1362 ANSWERED ON 11.02.2026 ASKED BY SMT. SEEMA DWIVEDI, SHRI KESRIDEVSINH JHALA, SHRI NARHARI AMIN, DR. MEDHA VISHRAM KULKARNI AND SHRI MADAN RATHORE REGARDING ‘NHAI BORROWINGS, MONETIZATION AND FINANCIAL RISKS.’ A. Receipts deposited in CFI under TOT: Year Concession value TOT- Financial Length (in Wise State transferred to CFI Bundle Year KMs) (Rs. In (Rs. In Cr.) Cr.) TOT-1 2018-19 681 AP Orissa & Gujarat 9682 9682 UP, Bihar, Jharkhand and T TOT-3 2020-21 566 N 5011 5011 TOT- 5(A-1) 2021-22 54 Gujarat 1011 1011 TOT- 5(A-2) 106 Gujarat 1251 TOT-7 135 EPE 6267 TOT-9 2022-23 73 U P 3144 10662 TOT-11 84 U P 2156 TOT-12 316 M P 4428 TOT-13 108 M P & Rajasthan 1683 TOT-14 2023-24 189 UP, Delhi & Orissa 7701 15968 TOT-16 2024-25 252 Hyderabad Nagpur Section 6661 6661 Lucknow-Ayodhya- Gorakhpur -Sultanpur Stretch TOT-17 2025-26 366 9270 9270 Total --- > 2930 58265 58265 Note: TOT-2,6,8,10 got failed. TOT-15 was closed on expiry of bid validity. B. Receipts under InvIT: InvIT Financial Length in State Concession Rounds Year KM. value Rs. In cr. Round 1 Karnatka, Gujarat, Rajsthan & 2021-22 389 7,350 Telangana Round 2 2022-23 246 MP, UP & Maharasthra 2,850 WB, UP, MP, Assam, MP & Round 3 2023-24 889 15,700 KarnatkaRound 4* 11 Road Assets (listed below for 2024-25 754 17,738* 2024-25) TOTAL 2278 43,638 Note: * Receipts deposited in CFI in FY 2025-26 *****