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In order to speed up the acquisition of road assets, the National Highways Authority of India has set a goal of raising 4,000 crore for its infrastructure investment trust (InvIT). This trust structure will be used to create a new special purpose company. While selling units in the InvIT to current investors like Canadian pension funds CPPIB and OTPP will raise half of the cash, the remaining funds are anticipated to come from a public bond sale in the local market where regular investors can purchase.
The strategy for the two-legged fundraising has been developed. The InvIT, National Highways Infra Trust, is managed by National Highways Infra Investment Managers. One special purpose vehicle (SPV) operating under the InvIT, which is now holding a number of road assets, is owned by the two Canadian funds to the tune of 25 percent each. Getting additional road assets will make room for more foreign investors. A request for proposals has been published by National Highways Infra Investment Managers for the appointment of lead managers for a portion of the fundraising because, according to current regulations, a foreign investor cannot own more than 25% of an SPV.
Group Media Publication
Construction, Infrastructure and Mining
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