The National Highways Authority of India (NHAI) is accelerating its asset monetisation programme for FY 2025–26, leveraging a mix of Infrastructure Investment Trusts (InvITs) and Toll-Operate-Transfer (TOT) models to mobilise capital for highway development.
The authority has already raised around ₹28,300 crore through these mechanisms, moving close to its ₹30,000 crore monetisation target for the current financial year. A significant portion of the proceeds has come from InvIT Round-5, under which more than 310 km of national highways were monetised, alongside revenue generated from TOT Bundle-18.
NHAI’s monetisation strategy is centred on unlocking value from operational highway assets by transferring them to private investors for a fixed concession period. Under the TOT model, private players take over the operation and maintenance of completed road stretches and collect toll revenues, while InvIT structures allow investors to participate in income-generating infrastructure portfolios.
The approach enables NHAI to generate upfront capital without relying solely on budgetary support, which can then be reinvested into new highway construction, expansion projects, and debt reduction. This “asset recycling” model has become a key pillar of India’s broader infrastructure financing strategy.
The authority has identified a pipeline of road assets spanning over 1,400 km for monetisation during FY26, with additional TOT bundles under evaluation. With bids already received for the next round of projects, NHAI is expected to meet or potentially exceed its monetisation target for the year.
The continued success of InvIT and TOT transactions also reflects strong investor appetite for operational highway assets, reinforcing confidence in India’s infrastructure sector and supporting sustained investment in road development across the country.
