Moving a step forward in India’s infrastructure financing landscape, the National Highways Authority of India (NHAI) has officially unveiled Raajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL), the newly incorporated investment manager that will oversee operations, governance and fundraising for the upcoming Public InvIT, the Raajmarg Infra Investment Trust (RIIT). The launch event, held in Mumbai, was presided over by NHAI Chairman Santosh Kumar Yadav, accompanied by senior officials and representatives from major financial institutions. The creation of RIIMPL marks a major turning point in India’s asset monetisation programme, signalling NHAI’s shift towards broader public participation in financing the nation’s growing road infrastructure.
RIIMPL has been established with equity participation from some of India’s most influential financial entities, including the State Bank of India, Punjab National Bank, the National Bank for Financing Infrastructure and Development (NaBFID), Axis Bank, Bajaj Finserv Ventures, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank and Yes Bank. This institutional backing is expected to enhance the credibility of the Public InvIT and offer a strong base for attracting stable, long-term investment. With major banks now becoming co-participants in the monetisation process, the InvIT is being designed not just as a fundraising tool but as a secure investment product accessible to ordinary Indian investors who have so far remained on the margins of infrastructure ownership.
Announcing the launch, Chairman Santosh Kumar Yadav highlighted NHAI’s strong track record in asset monetisation, noting that the authority has already monetised Rs 48,995 crore through the Toll-Operate-Transfer (TOT) model and raised an additional Rs 43,638 crore across four rounds of Private InvITs. With nearly Rs 1 lakh crore already mobilised through structured monetisation, NHAI has emerged as one of the most successful infrastructure monetisers globally.
Yadav described the Public InvIT as the next major leap in this journey, stating that over the next three to five years, around 1,500 km of completed and fully operational national highways will be moved into the trust, allowing the public to directly invest in revenue-generating road assets.
Yadav stressed that the decision to introduce a Public InvIT reflects the government’s long-term vision of involving citizens in nation-building while reducing the financial burden on traditional funding avenues. By offering retail investors a regulated, transparent mechanism to participate in infrastructure growth, NHAI hopes to deepen capital access and channel domestic financial resources into large-scale national development projects. He added that this new chapter will open substantial investment avenues for the public and strengthen India’s national highway infrastructure at an unprecedented scale.
RIIMPL, as the Investment Manager, will play a crucial role in setting up the operational framework of RIIT. It will be responsible for implementing strong governance systems aligned with SEBI’s InvIT guidelines, ensuring full compliance, promoting transparency and building investor confidence. The organisation will oversee financial reporting, manage asset operations, coordinate with rating agencies and auditors, maintain compliance with regulatory norms and establish communication channels with investors. NRVVMK Rajendra Kumar, Member (Finance) at NHAI, has been appointed as the Managing Director and CEO (Additional Charge) of RIIMPL, bringing years of financial and institutional experience to the role.
The Public InvIT is expected to offer long-term, annuity-like returns based on toll revenue streams from national highways. Since these roads are already operational and revenue-generating, the risk profile remains low, making them an attractive option for retail investors, pension funds and insurance-backed financial institutions. By adhering to SEBI’s strict compliance norms, the Public InvIT aims to provide an investment product that matches global infrastructure fund standards while remaining accessible and transparent.
NHAI has announced that the first public issuance of RIIT units is likely to be launched in February 2026. This will mark the first time in India’s history that a large-scale national highway InvIT is open to the public for subscription. If successful, the initiative could redefine infrastructure financing, setting a new template for citizen-driven investment in national development projects.
With India expanding its expressway network under the PM Gati Shakti initiative, the Public InvIT is expected to serve as a crucial tool for unlocking capital, reducing dependence on traditional borrowing and improving financial efficiency across the national highway network.
The establishment of RIIMPL reflects a broader shift in India’s infrastructure financing strategy, from government-heavy investments to market-led, citizen-inclusive processes. As the demand for better roads, integrated logistics and faster connectivity increases, monetisation models like the Public InvIT will play a critical role in sustaining capital flow and maintaining momentum in national infrastructure building.
