The National Highways Authority of India (NHAI) has set a target to raise around Rs 15,000 crore through monetisation of its operating assets through toll-operate-transfer (TOT) and Infrastructure Investment Trust (InvIT) routes in the current fiscal.

Sources said the authority’s maiden InvIT, through which NHAI plans to raise around Rs 5,100 crore and for which market regulator SEBI has given clearance, is expected to be launched in a month or so. The units are proposed to be listed in the NSE. Proceeds from the listing will be utilised for infusion of debt or equity into the SPV concerned —National Highways Infra Projects Pvt Ltd (NHIPPL). The SPV will collect tolls on the stretches under it for 30 years.

The NHAI InvIT, the second one promoted by a public sector entity after PGlnvlT, sponsored by power transmission utility PGCIL, was launched in late April. It will be out of bounds for retail investors.

NHAI may raise further funds of around Rs 5,000 crore by transferring more assets to the InvIT later in the year.

The source said NHAI also plans to raise at least Rs 5,000 crore through monetisiation of toll roads through the ToT route, but whether it would comprise one bundle or more is yet to be decided. “It will entirely depend on the return of the traffic on the roads,” the source said.

According to rating agency Icra, toll collections fell by around 10% in April 2021 over March 2021 and estimated to have declined by 25-30% in May 2021 over April 2021.

NHAI has raised around Rs 17,000 crore through the ToT model so far by granting in long-term lease in three bundles out of the five attempted so far. The sixth bundle could also have taken off by now but for the subdued traffic on roads.

Proceeds from the asset monetisation programme are used to repay debt and develop highways. As on March, 2021, NHAI had Rs 3 lakh crore debt.

The authority was given the task of executing the Bhartmala Pariyojona project in October, 2017 under which the government plans to develop 34,800 km highway project (including 10,000 km residual NHDP stretches) with an estimated outlay of Rs 5.35 lakh crore. Out of this, as on March-end, 2021, it has awarded 14,679 km of stretches worth over Rs 4 lakh crore.

For the current fiscal, NHAI has been allocated Rs 57,350 crore in the Budget for 2021-22, up from Rs 49,050 crore (RE) in 2020-21. NHAI has also been permitted to borrow Rs 65,000 crore in 2021-22, same as in 2020-21.