Raajmarg Infra Investment Trust

What Raajmarg Infra Investment Trust does

Raajmarg Infra Investment Trust (RIIT) is a SEBI-registered Public Infrastructure Investment Trust sponsored by the National Highways Authority of India (NHAI), constituted under the Indian Trusts Act, 1882 and listed on BSE and NSE in March 2026. The trust owns and operates a portfolio of five operational toll road assets spanning approximately 260 km across four Indian states: the Gorhar-Barwa Adda section (NH 19, 80.5 km, Jharkhand), Chilakaluripet-Vijayawada (NH 16, 69.4 km, Andhra Pradesh), Chennai Bypass (NH 32/48, 32.6 km, Tamil Nadu), Chennai-Tada (NH 16, 33 km, Tamil Nadu), and Neelmangala-Tumkur (NH 48, 44.7 km, Karnataka). The assets were acquired from NHAI for Rs 9,500 crore under the Toll Operate Transfer (TOT) model, financed through a Rs 6,000 crore IPO and Rs 3,500 crore in debt.

The trust is governed by a multi-entity structure: IDBI Trusteeship Services Limited acts as Trustee; Raajmarg Infra Investment Managers Private Limited (RIIMPL), incorporated in August 2025 with equity from ten leading banks and financial institutions including SBI, HDFC Bank, ICICI Bank and Axis Bank, serves as Investment Manager; National Highways InvIT Project Managers Private Limited (NHIPMPL), a wholly-owned NHAI subsidiary, serves as Project Manager handling operations and maintenance; and Raajmarg 1 Projects Private Limited (RPPL) is the Project SPV. RIIT is required under SEBI InvIT regulations to distribute at least 90% of net distributable cash flows to unitholders, with EPFO committing Rs 1,000 crore (16.6% of units) as a strategic anchor investor.

RIIT generates revenue through toll collections across its highway portfolio and monetizes India's national highway infrastructure for retail, domestic, and institutional investors via the public InvIT structure. The Rs 6,000 crore IPO was oversubscribed 14 times at the March 2026 BSE listing, with units offered to retail investors at a minimum Rs 10,000 ticket and 75% reserved for Qualified Institutional Buyers. Distribution is exclusively domestic via Indian stock exchanges, and NHAI has signaled an intent to transfer an additional 1,500 km of highway assets to RIIT over the next 3-5 years under the National Monetisation Pipeline, providing a clear forward growth pathway.

Name

Raajmarg Infra Investment Trust

Legal name

Raajmarg Infra Investment Trust

Website

https://raajmarginfratrust.in

Company type

Public

Founded year

2025

Operating status

Operating

Headcount range

1–10 employees

Short description

Raajmarg Infra Investment Trust is an NHAI-sponsored, SEBI-registered Public Infrastructure Investment Trust that owns and operates five toll road assets spanning 260 km across four Indian states, distributing 90% of net cash flows to unitholders. It serves retail, domestic, and institutional investors seeking stable, annuity-like returns from national highway infrastructure.

Ownership category

akta.pro rank

Product category

Infrastructure Investment Trust (Highway/Toll Road)

NAICS

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

SIC

Real Estate Investment Trusts (6798)

akta.pro primary industry

Investment Management Advisory (RIA) (FSAEAAAB)

Keywords

• Infrastructure investment trust
• Toll road operations
• Highway asset management
• Toll operate transfer
• Road infrastructure investing

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Others

Revenue model

1. Toll Revenue: The trust generates revenue through toll collections from five operational highway assets spanning approximately 260 km across four Indian states. Under SEBI InvIT regulations, RIIT is required to distribute at least 90% of net distributable cash flows to unitholders.
2. Infrastructure Investment Returns: Investors receive stable, annuity-like income from operational toll road assets with typical returns in the 13-15% range and potential XIRR returns of 9-12% over a recommended holding period of at least five years.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels2 records

Core offering

Raajmarg Infra Investment Trust (RIIT) is a SEBI-registered Public Infrastructure Investment Trust that owns, operates, and distributes cash flows from a portfolio of five operational toll road assets spanning approximately 260 km across four Indian states. The trust generates revenue through toll collections under the Toll Operate Transfer (TOT) model and is required to distribute at least 90% of net distributable cash flows to unitholders, providing investors with stable, annuity-like returns from India's national highway infrastructure.

Product overview

Raajmarg Infra Investment Trust (RIIT) is a SEBI-registered Public Infrastructure Investment Trust sponsored by the National Highways Authority of India (NHAI). The trust operates as a single unified investment vehicle focused on toll road assets. Its initial portfolio consists of five operational highway assets totaling approximately 260+ km across four states (Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka): Gorhar-Barwa Adda (80.5 km), Chilakaluripet-Vijayawada (69.4 km), Chennai Bypass (32.6 km), Chennai-Tada (33 km), and Neelmangala-Tumkur (44.7 km). The trust structure includes IDBI Trusteeship Services Limited as Trustee, Raajmarg Infra Investment Managers Private Limited (RIIMPL) as Investment Manager, National Highways InvIT Project Managers Private Limited (NHIPMPL) as Project Manager, and Raajmarg 1 Projects Private Limited (RPPL) as the Project SPV. The trust targets retail and domestic investors seeking stable, annuity-like returns from operational toll road infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• Raajmarg Infra Investment Trust (RIIT) Units A SEBI-registered Public Infrastructure Investment Trust sponsored by NHAI that offers investors units representing ownership in a diversified portfolio of five operational toll road assets. The trust distributes at least 90% of net distributable cash flows to unitholders, providing stable, annuity-like returns from India's national highway infrastructure.
• Gorhar-Barwa Adda Highway Asset National Highway 19 toll road asset spanning 80.5 km in Jharkhand, part of the RIIT initial portfolio. Generates toll revenue under the TOT model and contributes to distributable cash flows.
• Chilakaluripet-Vijayawada Highway Asset

Named customers3 records

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 · 25 December 2025NHAI is the sponsor of RIIT, a SEBI-registered infrastructure investment trust. NHAI transferred five operational toll road assets to RIIT under the Toll Operate Transfer model, raising Rs 9,500 crore. NHAI plans to transfer additional assets covering approximately 1,500 km over the next 3-5 years under the National Monetisation Pipeline.
• Raajmarg Infra Investment Managers Private Limited (RIIMPL)coreImplementation/ SI/ Consulting Partner · 22 August 2025RIIMPL is the Investment Manager for RIIT, incorporated on August 22, 2025. It is responsible for day-to-day management and administration of InvIT assets, overseeing investment activities and decisions to achieve the Trust's objectives under SEBI InvIT Regulations. Equity participation from leading banks including SBI, HDFC Bank, ICICI Bank, and Axis Bank.
• National Highways InvIT Project Managers Private Limited (NHIPMPL)coreImplementation/ SI/ Consulting Partner · 9 March 2021NHIPMPL is the Project Manager for RIIT, incorporated on March 9, 2021, as a wholly-owned subsidiary of NHAI. The Project Manager undertakes operations and maintenance of highway assets held by the Trust, directly or through appointed agents.
• IDBI Trusteeship Services LimitedcoreOthersIDBI Trusteeship Services Limited acts as the Trustee for RIIT, overseeing the Trust's activities and ensuring compliance with SEBI regulations. The company is registered with SEBI as a debenture trustee and provides trusteeship services for InvITs, debentures, bonds, securities, and other instruments.
• KFin Technologies LimitedcoreOthersKFin Technologies Limited serves as the Registrar and Transfer Agent for RIIT, handling investor services, unit transfers, and regulatory compliance documentation for the InvIT.

Scale indicators8 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• IndiGrid (India Grid Trust): IndiGrid is the largest listed InvIT in India, operating power transmission assets across multiple states under a similar SEBI InvIT structure with 90% distribution mandate. While asset class differs (transmission vs. toll roads), it is a comparable benchmark for InvIT investor demand, unit liquidity, and yield expectations relevant to RIIT.
• Powergrid Infrastructure Investment Trust (PGInvIT): PGInvIT is a SEBI-registered InvIT sponsored by Power Grid Corporation of India holding operational power transmission assets. Although asset class is power infrastructure rather than highways, it shares the same listed InvIT vehicle structure, sovereign-grade sponsorship, and yield-driven unit economics relevant for RIIT comparability.
• IRB Infrastructure Developers: IRB Infrastructure Developers is one of India's largest toll road developers and the sponsor of IRB InvIT Fund. While primarily a construction and toll-operate-maintain concessionaire rather than a listed InvIT itself, it operates directly in the same highway infrastructure asset class as RIIT and represents a major counterparty for asset acquisition and competition for NHAI bundles.

Direct peers

• National Highways Infra Trust (NHIT): NHIT is the first NHAI-sponsored publicly listed Infrastructure Investment Trust focused on operating national highway stretches under the TOT model. It is the closest direct comparable to RIIT in terms of sponsor, asset class (operational toll roads), structure (SEBI InvIT), and target investor base.
• IRB InvIT Fund: IRB InvIT Fund is India's first private-sector InvIT, sponsored by IRB Infrastructure Developers, holding a portfolio of operational toll road assets. It competes directly with RIIT for investor capital in the listed highway InvIT space and offers a benchmark for distribution yields and unit performance.
• Bharat Highways InvIT: Bharat Highways InvIT is a SEBI-registered infrastructure investment trust that owns and operates a portfolio of operational highway assets across India. It is a direct competitor in the listed highway InvIT category alongside RIIT, with similar revenue model and regulatory structure.
• Oriental Infra Trust: Oriental Infra Trust is an InvIT focused on toll road assets with similar structure to RIIT, sponsored through a consortium of infrastructure players. It directly competes for institutional and retail investor allocations within India's listed highway InvIT segment.
• India Infrastructure Trust (Shrem InvIT): India Infrastructure Trust, formerly known as Shrem InvIT, holds operational road and highway assets under a SEBI InvIT structure. It is a direct competitor to RIIT in the listed infrastructure investment trust space with comparable yield-oriented unit economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about Raajmarg Infra Investment Trust