NHAI okays private placement of InvIT

NHAI has set the ball rolling for the private placement of its proposed infrastructure investment trust (InvIT) to fund highway projects. It will appoint an international legal counsel soon as part of the exercise. The authority is in the process of setting up an InvIT, the first of its type sponsored by a government entity in the country, to raise funds for its projects. NHAI will bundle its highway projects to form a special purpose vehicle (SPV) to be offered to investors under the InvIT. The SPV will be traded on the stock exchanges and returns will be linked to the InvIT’s performance in the capital market.