Capital Infra Trust

Capital Infra Trust, formerly National Infrastructure Trust, is an infrastructure investment trust established in September 2023 and sponsored by Gawar Construction Limited, a road and highway developer active across 19 Indian states. The trust's portfolio is managed by Gawar Investment Manager Private Limited as investment manager, with Axis Trustee Services Limited acting as trustee. The trust holds nine completed, revenue-generating national highway assets spanning approximately 682 kilometres, operated and maintained under concession agreements with the National Highways Authority of India (NHAI) on a Hybrid Annuity Model basis, which provides largely fixed annuity income with limited traffic-volume risk. The trust has also indicated plans to grow its portfolio through further acquisitions from its sponsor and third parties. Unlike an equity share, a trust unit entitles the holder to a share of the trust's distributable cash flows under its distribution policy rather than residual company profits, along with the potential for capital appreciation and periodic partial redemption of capital.

Ahead of the issue, the trust raised about Rs 703 crore from anchor investors.