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The National Highways Authority of India (NHAI) is close to achieving its asset monetisation target of INR 30,000 crore for the financial year 2025-26, having already realised INR 28,307 crore through Infrastructure Investment Trusts (InvITs) and Toll-Operate-Transfer (TOT) transactions. The progress has been supported by recent monetisation rounds, including InvIT Round-5 and TOT Bundle-18, with additional bids under evaluation expected to bridge the remaining gap. The initiative forms part of the government's broader National Monetisation Pipeline, which aims to unlock capital from operational infrastructure assets and reinvest it into new highway development. The strategy also aligns with efforts to reduce reliance on borrowings and improve financial sustainability in road infrastructure funding.
The National Highways Authority of India (NHAI) is set to meet its asset monetisation target of INR 30,000 crore for the financial year 2025-26, having already mobilised INR 28,307 crore through various transactions, with additional bids under evaluation expected to close the gap. The update was shared in the past week, highlighting the authority's continued reliance on structured monetisation instruments to fund infrastructure development. Advertisement
The proceeds have been generated through a combination of Infrastructure Investment Trusts (InvITs), both public and private, along with the Toll-Operate-Transfer (TOT) model. These instruments enable the authority to monetise operational highway assets by transferring concession rights to private entities for a fixed period, thereby unlocking upfront capital.
A significant portion of the revenue has been contributed by InvIT Round-5, under which over 310 km of national highways were monetised for a concession value of INR 6,366.98 crore. The bundle includes key stretches such as the Amravati-Chikhali-Tarsod section in Maharashtra and the Gundugolanu-Chinna Avutapalli section in Andhra Pradesh, awarded for a 20-year concession period.
In parallel, the authority completed monetisation under TOT Bundle-18, raising INR 3,087 crore for a 74.5 km stretch of National Highway-16 in Odisha. The concessionaire has been granted rights to operate and maintain the highway and collect toll revenues in accordance with prescribed norms over a 20-year period.
NHAI indicated that bids received for TOT Bundle-19 are currently under technical evaluation, and the outcome is expected to support the achievement of the annual monetisation target. The pipeline of assets under consideration reflects the authority's ongoing strategy to recycle capital from completed infrastructure projects.
The monetisation push is aligned with the National Monetisation Pipeline 2.0, under which the government has set an overall target of INR 16.72 lakh crore between FY26 and FY30. Within this, highway assets alone account for an estimated INR 4.14 lakh crore, indicating the central role of the road sector in the programme.
Alongside these efforts, NHAI has also expanded access to road infrastructure investments through public InvITs. The recent listing of the NHAI-sponsored Raajmarg Infra Investment Trust on the Bombay Stock Exchange reflects growing participation from institutional and retail investors in monetised highway assets.
The monetisation strategy is aimed at reducing dependence on budgetary allocations and borrowings, while enabling the authority to reinvest proceeds into new highway construction and capacity expansion. With a steady pipeline of operational assets and investor interest in yield-generating infrastructure, NHAI's approach continues to form a key component of India's infrastructure financing framework.
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