Mumbai: In a move that blends financial innovation with asphalt ambition, the National Highways Authority of India (NHAI) has launched Raajmarg Infra Investment Managers Private Limited (RIIMPL) — the brain behind its upcoming Raajmarg Infra Investment Trust (RIIT), a Public InvIT designed to democratize investment in India’s highway infrastructure.
The launch took place in Mumbai, with NHAI Chairman Santosh Kumar Yadav unveiling RIIMPL in the presence of senior officials and representatives from leading financial institutions. Think of it as the moment highways officially began to share space with portfolios and demat accounts.
A Collaboration with Heavy-Hitters
RIIMPL’s equity roster reads like the who’s who of Indian finance, featuring:
- State Bank of India
- Punjab National Bank
- Axis Bank
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IndusInd Bank
- Bajaj Finserv Ventures Ltd.
- Yes Bank
- NaBFID (National Bank for Financing Infrastructure and Development)
This powerhouse coalition aims to unlock the monetization of NHAI’s completed highway assets while carving out an attractive, long-term investment avenue for domestic and retail investors. In other words: India’s highways are going public, and the public is invited.
At the helm of RIIMPL, NRVVMK Rajendra Kumar, Member (Finance), NHAI, has been appointed Managing Director & CEO (Additional Charge).
A Proven Model, Now Made Public
If NHAI were a student, its report card in asset monetization would come with gold stars and handwritten praise.
Over recent years, the authority has:
- Monetized ₹48,995 crore through its Toll-Operate-Transfer (TOT) model, and
- Raised ₹43,638 crore across four rounds of Private InvITs, drawing high-profile domestic and international investors.
Introducing a Public InvIT now signals the next phase — from institutional investors to everyone with a phone, a demat, and a belief in India’s infrastructure story.
As Chairman Yadav noted, 1,500 km of completed and operational National Highways are expected to be added into the Public InvIT over the next 3–5 years, offering substantial investment opportunities. “We are entering a new chapter of public participation in building National Highway infrastructure,” he said, hinting that India’s roads may soon have more retail investors than roadside dhabas.
Governance That Would Impress SEBI
RIIMPL’s mandate is not just to manage assets — but to manage trust.
The company will establish robust governance systems aligned with SEBI’s InvIT framework, emphasizing:
- High transparency,
- Investor protection, and
- Best-in-class compliance and reporting practices.
In short, investors will know where their money is going—and hopefully, so will their vehicle navigation systems.
Marker on the Calendar: February 2026
The first issuance of RIIT units targeted at public and retail investors is slated for February 2026. That means highway ownership—at least in small share-unit form—will no longer be the exclusive playground of sovereign funds and pension giants.
If all goes as planned, millions of investors may soon find themselves saying with confidence:
“I don’t just drive on highways. I own a part of them.”
