Latest news with #InvIT
Economic Times
9 hours ago
- Business
- Economic Times
SBI seeks senior creditor status for NHAI investment trust to stave off default concerns, sources say
Agencies SBI has significant exposure to India's road sector including projects backed by NHAI's InvITs. In 2018, it signed an agreement with NHAI for a 10-year loan unsecured loan of nearly $3 billion. State Bank of India is seeking senior creditor status to gain early rights on repayments in case of default or liquidation of the state-owned road authority's investment trust (InvIT), two sources aware of the matter told Reuters. The lender, the country's largest, has written to the National Highway Authority of India (NHAI) seeking this status on its investments in National Highways Infra Trust (NHIT), the sources said on Monday. An InvIT is an investment vehicle that raises funds by issuing units. NHIT is the manager of NHAI's InvITs. The sources requested anonymity as the talks are private. SBI, NHAI and NHIT did not reply to a Reuters mail seeking comment. The move follows NHAI's plan to raise 200 billion rupees ($2.33 billion) by monetising its road assets through InvITs, according to Mint, a business daily. It has already raised 460 billion rupees through four rounds of InvITs since 2020, including a 183-billion-rupee round in March, India's biggest road monetisation exercise to date. SBI has significant exposure to India's road sector including projects backed by NHAI's InvITs. In 2018, it signed an agreement with NHAI for a 10-year loan unsecured loan of nearly $3 billion. Under current rules, InvITs are not governed by India's bankruptcy laws, and typically, the unitholders of these trusts hold priority in the repayment hierarchy, one of the sources said. SBI has flagged the lack of creditor protection under these regulations for quite some time, the source added. "The lender is not at all happy with the arrangement and has been discussing the tweaks," the second source said. As part of the monetisation, NHAI transfers the ownership and operational responsibilities of completed highway stretches to the InvIT, which issues units to investors who are paid from the toll revenues. InvITs are regulated by the Securities and Exchange Board of India, the country's capital markets regulator. The total assets under management of five listed and 16 unlisted InvITs in India exceeded 7 trillion rupees as of March-end, according to data from Bharat InvITs Association.
Business Standard
3 days ago
- Business
- Business Standard
IRB Infra reports 8% YoY jump in Q1 FY26 toll revenue
IRB Infrastructure Developers, along with its InvIT associate IRB Infrastructure Trust, reported combined toll revenue of Rs 1,680 crore for the April-June quarter of FY26, marking an 8% year-on-year increase from Rs 1,556 crore in Q1 FY25. For the month of June 2025, toll collections stood at Rs 544.8 crore, reflecting a 5% year-on-year growth from Rs 517.2 crore in June 2024. The company noted that the early onset of the monsoon this year had a moderate impact on traffic growth during the month. Amitabh Murarka, deputy CEO, IRB Infrastructure Developers, said, It is encouraging to witness sustained growth in toll collections throughout the first quarter of FY26, compared to the same period last yeardespite the early onset of the monsoon in many parts of the country, which had a marginal impact on traffic volumes. He added, Looking ahead, we expect this positive growth trajectory to continue, supported by the anticipated completion of ongoing projects in our portfolio, which will further strengthen revenue visibility. IRB Infrastructure Developers (IRB) is Indias leading and the largest integrated and first multi-national transport infrastructure developer in roads and highways sector. It operates across multiple business models such as build-operate-transfer (BOT), toll-operate-transfer (TOT), and hybrid annuity model (HAM). The company's consolidated net profit jumped 13.7% to Rs 214.72 crore on a 4.3% increase in net sales to Rs 2,149.24 crore in Q4 FY25 over Q4 FY24. The scrip slipped 1.39% to settle at Rs 47.62 on Friday, 12 July 2025.
&w=3840&q=100)
Business Standard
4 days ago
- Business
- Business Standard
IRB Infrastructure, InvIT clock 8% growth in toll revenue in Q1 FY26
IRB Infrastructure Developers and its listed private infrastructure investment trust (InvIT), IRB Infrastructure Trust, have collectively reported an 8% year-on-year growth in toll revenue for the first quarter of the financial year 2026 (Q1 FY26). The toll revenue for both entities in the quarter under review stood at Rs 1,680 crore, up from Rs 1,556 crore in the corresponding period of FY25. The early onset of the monsoon this year had a moderate impact on traffic growth during June. Despite seasonal headwinds, both entities reported a combined toll revenue of Rs 545 crore in June 2025, compared to Rs 517 crore in June 2024, the company stated. In June, the company's wholly owned subsidiary, IRB MP Expressway (Mumbai-Pune Expressway and Old Mumbai-Pune Highway NH4), collected the highest revenue among all its subsidiaries and joint ventures. The asset recorded a toll revenue of Rs 147.5 crore, marginally higher than the Rs 144.9 crore revenue recorded in the same month last year. Amitabh Murarka, deputy chief executive officer of IRB Infrastructure Developers, said, 'It is encouraging to witness sustained growth in toll collections throughout the first quarter of FY26, compared to the same period last year—despite the early onset of the monsoon in many parts of the country, which had a marginal impact on traffic volumes.' He added, 'Looking ahead, we expect this positive growth trajectory to continue, supported by the anticipated completion of ongoing projects in our portfolio, which will further strengthen revenue visibility.' Additionally, IRB is the largest integrated private toll road and highway infrastructure developer in India. The company and its two InvITs (one private and one public) have an asset base of approximately Rs 80,000 crore across 12 Indian states. Currently, the IRB Group's project portfolio (including the InvITs) has 26 road projects, which include 18 build-operate-transfer (BOT), 4 toll-operate-transfer (TOT), and 4 hybrid annuity model (HAM) projects.
&w=3840&q=100)
Business Standard
08-07-2025
- Business
- Business Standard
TVS ILP raises Rs 1,300 crore through private InvIT to fuel growth
TVS Industrial & Logistics Parks (TVS ILP) has raised Rs 1,300 crore via its private infrastructure investment trust (InvIT). With this fundraise, the company aims to grow its business at a compound annual growth rate (CAGR) of 32 percent, mostly through organic growth. TVS InvIT issued units worth around Rs 2,000 crore, of which Rs 1,300 crore were subscribed by global and domestic investors. The offering comprised a fresh issue of Rs 1,050 crore and an offer for sale of Rs 250 crore by an existing unitholder. 'Logistics is a very asset-heavy and capital-intensive business. In the last five years, we have grown at a CAGR of about 32 percent. We aspire to keep that pace going, and if we need to maintain that momentum, we need capital. To raise capital, an InvIT is the most efficient way, and that's why we are doing this (listing),' said Ravi Swaminathan, founder and vice chairman of TVS ILP. Investors like the International Finance Corporation (IFC), a member of the World Bank Group, and construction conglomerate Larsen & Toubro (L&T) have invested in the InvIT. IFC has invested Rs 348 crore as the anchor investor in the initial listing of TVS InvIT. This is IFC's first equity investment in a warehousing InvIT in India. 'IFC has already been well-invested in transport and power infrastructure. We'd be glad to support and invest in more companies in this space. We are already very large investors in infrastructure, with roads and power transmission being a huge part of our business. Logistics is a strategic priority for us,' said Vikram Kumar, regional industry director for infrastructure and natural resources, Asia-Pacific, IFC. The InvIT's strategic investor is L&T, along with 11 other investors, including pension funds, life insurance companies, and a few family offices. Additionally, TVS ILP is part of the TVS Mobility Group and a joint venture between TVS Supply Chain Solutions (TVS SCS) and Swaminathan & family. The InvIT has been seeded with approximately 11 million square feet (msf) of warehousing and industrial assets valued at around Rs 3,000 crore, drawn from TVS ILP's broader 20 msf platform. The portfolio spans logistics markets, including Chennai, Pune, Kolkata, Hosur, Kochi, and the Northeast, covering over 65 percent of India's consumption hubs. Swaminathan stated that every year, 3 msf of revenue-generating assets are expected to be added to the InvIT's portfolio. 'Every million square feet will generate a revenue of Rs 35 crore. If we create 3 msf, we will be growing at the rate of over Rs 100 crore (of asset value) per year,' he added. The TVS ILP InvIT has a tenant base of over 30 clients from sectors such as e-commerce, automotive, FMCG, electronics, pharmaceuticals, and manufacturing, with 100 percent occupancy. Less than 50 percent of its rental income comes from its top 10 tenants. The Securities and Exchange Board of India (Sebi) has mandated that InvITs distribute at least 90 percent of their taxable income to the unitholders.
Time of India
07-07-2025
- Business
- Time of India
GIP, Macquarie, VINCI join race for stake in CDPQ's India InvIT
Mumbai: Global Infrastructure Partners ( GIP ), Macquarie , and French road developer VINCI Highways are among large global institutional investors vying to acquire a significant minority stake in Maple Infrastructure Trust , an Indian infrastructure investment trust (InvIT) sponsored by Canadian pension fund CDPQ , said people familiar with the matter. CDPQ aims to raise $350-$400 million (₹3,000-₹3,433 crore) through the new round of fundraising, the people said, adding it has appointed Rothschild to manage the process. Maple currently has an enterprise value of about ₹16,000 crore (about $2 billion). The fresh capital will also help finance Maple's recent acquisition of toll road assets from Ashoka Concessions , the people cited above said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo In addition to CDPQ, several other existing investors are also expected to pare their holdings in the InvIT in the fundraising round. As per the current shareholding of Maple InvIT, CDPQ Infrastructure Asia III has a 60% stake. The other shareholders are Maple Highways with 15%; 360 One Group at 18.3%; Fami Strei-the family office of the Taparia family, founders of contraceptive maker Famy Care-with 3.1%, and other investors including the family office of Uday Kotak owning a combined 3.6%. Live Events VINCI, Macquarie, and CDPQ did not respond to email queries. A GIP spokesperson declined to comment. Maple Highways, CDPQ's dedicated roads platform in India, sponsors the InvIT, which manages seven assets. These include the Eastern Peripheral Expressway in the National Capital Region (under the ToT7 model) and Shree Jagannath Expressways (SJEPL) in Odisha. Canada's Public Sector Pension Investment Board (PSP Investments) and Alberta Investment Management Corporation (AIMCo) have also expressed interest in acquiring a stake, as previously reported by ET. In October 2023, Maple Infrastructure Trust acquired five build-operate-transfer (BOT) toll road assets from Ashoka Concessions for a combined enterprise value of ₹5,718 crore. The InvIT reported an income of ₹773 crore in FY24. VINCI Highways, which exited India about a decade ago, is planning a re-entry through strategic acquisitions. A subsidiary of VINCI Concessions, the company had announced plans last September to acquire a 51% stake in Telangana-based HKR Roadways, alongside GIP Emerging Markets Fund, which was to acquire the remaining 49%. However, regulatory challenges reportedly stalled the deal. VINCI exited India in 2015, citing policy shifts in road contract awards. Similarly, GIP had exited India's road sector in 2021, selling its entire stake in Highway Concessions One (HC1)-comprising seven highway assets totalling 487 kilometres across seven states-to private equity firm KKR. Globally, VINCI Highways designs, finances, builds, and operates highways, bridges, tunnels, and urban roads, managing a 3,750-kilometer network across 14 countries. According to a recent report by credit rating agency ICRA , toll collections are projected to grow by 7-9% this fiscal year, driven by higher toll rates.
