New Delhi, Dec 24 (SocialNews.XYZ) The National Highways Authority of India (NHAI) on Wednesday said it has received approval from the Securities and Exchange Board of India (SEBI) for Raajmarg Infra Investment Trust (RIIT) as a Public Infrastructure Investment Trust (InvIT).
According to Ministry of Road Transport and Highways, the Public InvIT aims to unlock monetisation potential of the National Highway assets while creating a high-quality, long-term investment instrument primarily targeting retail and domestic investors.
The initiative marks an important step in broadening public participation in the National Highway infrastructure growth story.
“The SEBI approval for RIIT represents a significant milestone in expanding public participation in India’s National Highway infrastructure growth. The senior leadership team at Raajmarg Infra Investment Managers Private Limited (RIIMPL) comprises of highly experienced and accomplished professionals, well positioned to take this initiative forward and create meaningful long-term investment opportunities for the public,” said NHAI Chairman Santosh Kumar Yadav.
This development represents an important step towards achieving NHAI’s asset monetization objectives while further strengthening country’s National Highway network, Yadav added.
Earlier, NHAI had incorporated Raajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL) as the investment manager for the Raajmarg Infra Investment Trust (RIIT).
RIIMPL has been established as a collaborative venture with equity participation from leading banks and financial institutions, including State Bank of India, Punjab National Bank, NaBFID, Axis Bank, Bajaj Finserv Ventures Ltd., HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, and Yes Bank.
NRVVMK Rajendra Kumar, Member (Finance), NHAI, will be the Managing Director and CEO (Additional Charge) of the Investment Manager company.
“RIIT will deepen public participation and play a pivotal role in accelerating the development of a robust National Highway network across the country by enabling domestic retail investors to participate in national infrastructure development,” said the ministry.
Source: IANS
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