The National Highways Authority of India (NHAI) has begun the groundwork for an initial public offering (IPO) for a highways infrastructure investment trust (InvIT). It has called bids from top law firms to act as the legal counsel. The process of appointing the same is expected to be closed this month.
The proposed IPO is likely to raise as much as Rs 100 billion, making it one of the biggest share sales in the infrastructure sector in recent years. The details of the InvIT such as the assets to be housed under the trust will be worked out later.