The National Highways Authority of India (NHAI) has reportedly invited banks to submit expressions of interest for a masala bond offering for a minimum tenor of five years to raise the rupee equivalent of $750 million. India Ratings, CARE and CRISIL have assigned an AAA rating to NHAI’s long-term domestic borrowing programme. Recently, the Ministry of Road Transport and Highways and NHAI had announced plans of raising funds through masala bonds. Masala bonds are a financial instrument through which Indian companies can raise money from global markets in Indian currency. Reportedly, a London-based firm has approached the ministry as NHAI needs to raise about Rs 500 billion from the market during 2016-17 to fund projects.