NHAI is planning to raise up to Rs 40 billion for its infrastructure investment trust (InvIT) by forming a new SPV under the trust structure. While half of the funds may be raised by selling units in the InvIT to current investors – the Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan – the remainder of the money is anticipated to come from a public bond sale in the local mark. The two Canadian funds hold 25 per cent each in an existing SPV under the InvIT, which holds around half a dozen road assets. Obtaining new road assets will create space for attracting more investors.