Indus Infra Trust

Indus Infra Trust, formerly known as Bharat Highways InvIT, is an infrastructure investment trust registered with SEBI to acquire, hold and manage a portfolio of road infrastructure assets in India. Its road projects are structured under the Hybrid Annuity Model (HAM), under which the trust earns a fixed periodic annuity from the National Highways Authority of India (NHAI) for each project rather than depending on toll collections from road users. The trust was registered as an infrastructure investment trust with SEBI in August 2022 and listed its units on the NSE and BSE in March 2024 following an initial public offer. Its portfolio comprises several road projects spread across Punjab, Gujarat, Andhra Pradesh, Maharashtra and Uttar Pradesh, each held through a separate special purpose vehicle operating under an NHAI concession. In November 2024 the trust changed its name from Bharat Highways InvIT to Indus Infra Trust, and its NSE trading symbol changed accordingly from BHINVIT to INDUSINVIT. As an annuity based InvIT, the trust's revenue is largely fixed and contractual rather than dependent on traffic volumes, and its debt carried top tier AAA ratings from CRISIL, CARE and India Ratings around the time of listing. Its future growth depends on its ability to acquire further annuity or toll based road assets and to manage the refinancing and repayment of debt at its existing project SPVs, while its income remains concentrated on payments from a single counterparty, NHAI.

Ahead of the offer, anchor investors were allotted about 33 percent of the total issue, translating to roughly Rs 826 crore, at the offer price.