Road InvITs are projected to expand their assets by about 30% this fiscal year, reaching roughly Rs 3.9 lakh crore by March 2027. The jump is attributed to accelerated monetisation of toll-road assets by NHAI and asset sales under the hybrid annuity model. With a widening investor base and controlled leverage, analysts expect sturdier credit profiles.
Australian investor Macquarie, once criticized as “too aggressive” for winning NHAI’s first TOT highway bundle at a premium, appears to be gaining the upper hand. After about 18 months, analysts suggest the investor has outwitted rivals by securing NHAI’s strongest assets, with toll collections showing signs of accelerating.
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