Raajmarg Infra Investment Managers

What Raajmarg Infra Investment Managers does

Raajmarg Infra Investment Managers Private Limited (RIIMPL) is the Investment Manager of Raajmarg Infra Investment Trust (RIIT), an NHAI-sponsored Infrastructure Investment Trust (InvIT) registered with SEBI under the SEBI (Infrastructure Investment Trusts) Regulations, 2014. Incorporated on August 22, 2025, RIIMPL is responsible for the management, governance, compliance, and strategic administration of the Trust's highway assets in accordance with SEBI InvIT Regulations. The Trust was registered on December 22, 2025, and launched its maiden public issue in March 2026, listing on BSE and NSE on March 24, 2026.

RIIMPL's underlying asset portfolio consists of five operational toll road assets spanning approximately 260 km across four Indian states under the Toll-Operate-Transfer (TOT) model: the Gorhar-Barwa Adda stretch (NH 19, 80.5 km, Jharkhand), Chilakaluripet-Vijayawada (NH 16, 69.4 km, Andhra Pradesh), Neelmangala-Tumkur (NH 48, 44.7 km, Karnataka), and two Tamil Nadu stretches — the Chennai Bypass (32.6 km) and Chennai-Tada (NH 16, 33.0 km). NHAI transferred these assets to the InvIT for a concession value of Rs 9,500 crore, and has stated a target to provide an additional 1,500 km of highway assets to RIIT over the next three to five years. The Rs 6,000 crore IPO was oversubscribed 13.88 times, including 19.34 times from qualified institutional buyers, with anchor allocation of Rs 1,728 crore from 73 institutional investors.

The business model operates on two revenue streams: toll collection from the operational highway assets (usage-based) and long-term asset monetization through the InvIT structure (transaction-fee-based), enabling direct public participation in India's highway infrastructure growth. The Trust's ecosystem includes NHAI as sponsor, IDBI Trusteeship Services as Trustee, NHIPMPL (a wholly-owned NHAI subsidiary) as Project Manager, and KFin Technologies as Registrar. RIIMPL is headquartered at NHAI's premises in Sector 10 Dwarka, New Delhi, reflecting its tight operational alignment with its government sponsor.

Name

Raajmarg Infra Investment Managers

Legal name

Raajmarg Infra Investment Managers Private Limited

Website

https://riimpl.in

Company type

Public

Founded year

2025

Operating status

Ipo

Short description

Raajmarg Infra Investment Managers (RIIMPL) is the SEBI-registered Investment Manager of Raajmarg Infra Investment Trust (RIIT), an NHAI-sponsored public InvIT that owns and operates five toll road assets spanning 260 km across four Indian states, enabling institutional and retail investor participation in national highway infrastructure.

Ownership category

akta.pro rank

Product category

Infrastructure Investment Trust (InvIT) Management

NAICS

Other Investment Pools and Funds (5259), Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (525990)

SIC

Real Estate Investment Trusts (6798), Investors, Nec (6799)

akta.pro primary industry

Trust & Estate Tax Planning & Compliance (FSAEAKAE)

akta.pro secondary industry

Trust & Fiduciary Advisory for HNW/UHNW (Trust Structuring & Trustee Oversight) (FSAAABAF)

Keywords

• Infrastructure investment trust
• Toll road operations
• Highway asset management
• NHAI concession assets
• SEBI registered InvIT

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Infrastructure, Marketing or Sales

Revenue model

1. Toll Road Operations: The InvIT generates revenue through toll collection from five operational toll road assets spanning approximately 260 km across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka. Revenue is derived from traffic tolls on national highways under NHAI concession agreements.
2. Asset Monetization: Strategic monetization of national highway assets through structured InvIT vehicle, enabling direct public participation in infrastructure investment and creating long-term investment returns for unit holders.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Raajmarg Infra Investment Managers Private Limited (RIIMPL) serves as the Investment Manager of Raajmarg Infra Investment Trust (RIIT), an NHAI-sponsored Infrastructure Investment Trust registered with SEBI. The Trust owns and operates five operational toll road assets spanning approximately 260 km across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka under NHAI concession agreements under the Toll-Operate-Transfer (TOT) model. RIIMPL is responsible for governance, compliance, and strategic management of the Trust's highway assets, while units of the Trust are publicly traded on BSE and NSE, enabling direct institutional and retail investor participation in India's national highway infrastructure.

Product overview

Raajmarg Infra Investment Trust (RIIT) is an NHAI-sponsored Infrastructure Investment Trust that operates as a unified investment vehicle for highway infrastructure assets. The Trust's portfolio consists of five operational toll road assets spanning approximately 260 km across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, managed under the Toll-Operate-Transfer (TOT) model. Raajmarg Infra Investment Managers Private Limited (RIIMPL) serves as the Investment Manager responsible for day-to-day management and administration of the InvIT assets in compliance with SEBI InvIT Regulations.

Differentiator

Problem solved

Functional benefit

Products and services

• Raajmarg Infra Investment Trust (RIIT) NHAI-sponsored Infrastructure Investment Trust (InvIT) that owns and operates a diversified portfolio of five operational toll road assets spanning approximately 260 km across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka. RIIT enables direct public participation in national highway infrastructure growth and NHAI asset monetization through publicly traded units on BSE and NSE.
• Investment Management Services Governance, compliance, and strategic management services provided by RIIMPL as the SEBI-registered Investment Manager of RIIT. Services include day-to-day management and administration of the Trust's toll road portfolio in compliance with SEBI InvIT Regulations, oversight of project SPVs, and coordination with the Trustee, Project Manager, and Registrar.

Quantifiable outcome

• 7-8% listing premium (Rs 107-108 vs Rs 100 issue price)
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core.

• National Highways Authority of India (NHAI)coreStrategic or Co-development Partner · 24 December 2025NHAI is the sponsor of Raajmarg Infra Investment Trust. The Trust was established to monetize national highway assets and enable public participation in India's highway infrastructure. NHAI transferred five toll road assets spanning approximately 260 km to the InvIT for a concession value of Rs 9,500 crore. NHAI plans to provide further assets of about 1,500 km to RIIT over the next three to five years.
• IDBI Trusteeship Services LimitedcoreOthersIDBI Trusteeship Services Limited acts as the Trustee for Raajmarg Infra Investment Trust, overseeing the Trust's activities and ensuring compliance with applicable regulations. The Trustee is registered with SEBI as a debenture trustee and was jointly established by IDBI Bank, Life Insurance Corporation of India, and General Insurance Corporation of India.
• National Highways InvIT Project Managers Private Limited (NHIPMPL)coreImplementation/ SI/ Consulting PartnerNHIPMPL is the Project Manager for the InvIT, responsible for operations and maintenance of the toll road assets held by the Trust. It is a wholly-owned subsidiary of NHAI, incorporated on March 9, 2021.
• KFin Technologies LimitedcoreOthersKFin Technologies Limited serves as the Registrar and Transfer Agent for the InvIT, handling investor registrations, unit transfers, and investor grievance management.
• Raajmarg 1 Projects Private Limited (RPPL)coreStrategic or Co-development PartnerProject SPV incorporated under Companies Act, 2013 to hold and manage the toll road assets under NHAI concession. CIN: U42101DL2025PTC459067, incorporated in November 2025.

Scale indicators7 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Maple Infrastructure Trust (formerly IRB InvIT): India's first privately sponsored InvIT, originally sponsored by IRB Infrastructure Developers, holding toll-road assets. Direct peer in the toll-road InvIT space with similar asset class but private (non-NHAI) sponsor — useful for comparing yield and operational efficiency.
• Oriental Infra Trust: NHAI-sponsored InvIT focused on highway asset monetization. Direct comparable as another government-sponsored infrastructure investment trust pooling toll-road assets under SEBI InvIT regulations.
• Powergrid Infrastructure Investment Trust (PGInvIT): Sponsored by Power Grid Corporation of India, this is a publicly listed InvIT holding operating power transmission assets. Comparable as a PSU-sponsored InvIT with similar regulated-asset, long-concession, distribution-yield model.
• IndiGrid (India Grid Trust): India's first listed InvIT, sponsored by KKR/GRID and Sterlite Power. Comparable as a publicly listed InvIT under the same SEBI framework, but focused on power transmission rather than roads — useful for yield comparison and structural benchmarking.
• Brookfield India Infrastructure Trust (BIIT): Brookfield-sponsored InvIT holding a portfolio of infrastructure assets including toll roads. Comparable as a publicly listed, institutionally sponsored InvIT with a multi-asset infrastructure portfolio.
• National Highways Infra Trust (NHIT): Another NHAI-sponsored Infrastructure Investment Trust holding toll-road assets. NHIT is the most direct peer as it operates in the same NHAI-concession, toll-road, InvIT structure and is the predecessor vehicle from which RIIT was likely modeled.

Broad incumbents

• IRB Infrastructure Developers: One of India's largest BOT/toll-road developers and the original sponsor of the IRB InvIT (now Maple Infrastructure Trust). Comparable as a toll-road asset operator whose assets sit within InvIT structures, providing direct operational benchmarking.
• National Investment and Infrastructure Fund (NIIF): Government of India-backed sovereign infrastructure fund-of-funds investing across transport, energy, and digital infrastructure. Broader incumbent providing capital to multiple infrastructure vehicles, comparable for policy-driven infrastructure monetization context.

Others

• National Bank for Financing Infrastructure and Development (NaBFID): India's dedicated infrastructure financing DFI with a Nominee Director on RIIMPL's board. Adjacent enabler providing debt capital across Indian infrastructure, comparable as a stakeholder in the broader infrastructure financing ecosystem.

Emerging players

• KKR India Asset Finance (KKR India): KKR's infrastructure platform in India, sponsor of IndiGrid InvIT. Comparable as a foreign institutional capital provider actively building infrastructure investment vehicles and competing for InvIT-quality assets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Raajmarg Infra Investment Managers