Anantam Highways Trust InvIT

Anantam Highways Trust is an infrastructure investment trust, a pooled vehicle that owns operating road assets and passes the cash they generate through to unit holders. It was settled on 24 July 2024 by Alpha Alternatives Fund Advisors LLP, its sponsor, and registered with the Securities and Exchange Board of India as an InvIT on 19 August 2024. Alpha Alternatives Fund-Infra Advisors Private Limited acts as the investment manager, Axis Trustee Services Limited is the trustee, and Dilip Buildcon Limited carries out operations and maintenance on the roads. The trust holds seven national highway projects through special purpose vehicles, together covering about 271.65 kilometres, or roughly 1,086.60 lane kilometres, spread across Karnataka, Telangana, Gujarat, Bihar and Tamil Nadu along with one union territory. The projects are Dhrol Bhadra, Dodaballapur Hoskote, Repallewada, Viluppuram, Narenpur Purnea, Bangalore Malur and Malur Bangarpet. All of them are built under the hybrid annuity model, which means the trust is paid fixed instalments by the National Highways Authority of India rather than collecting tolls from motorists, and the remaining concession terms run for roughly twelve to thirteen years. Because the income is annuity based, the cash flows are largely fixed and do not rise or fall with traffic volumes, and the structure passes a portion of interest rate movements through to the authority. The corollary is that almost all revenue depends on one counterparty, the highways authority, and on the concessions remaining in good standing. The trust is newly formed and so has no long record of its own, and its plans to grow rest on acquiring further road assets, including a pipeline over which it holds a right of first offer, with such purchases requiring regulatory consent.

On 6 October 2025, ahead of the issue, the trust placed 1,79,99,850 units with thirteen institutional anchor investors at 100 rupees a unit, raising about 179.99 crore rupees. WhiteOak Capital was the largest participant with roughly 30 crore rupees, followed by Minerva Ventures Fund and Trust Investment Advisors at about 25 crore rupees each, with SBI Capital Markets, Edelweiss Life Insurance, Reliance General Insurance, Nuvama, Star Union Dai-ichi Life Insurance and Universal Sompo General Insurance taking the remainder.