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NHAI to set up InvIT for investment in highway sector
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SME Times News Bureau | 02 Jul, 2020
With an aim to facilitate investment in the highway sector, National
Highway Authority of India (NHAI) is in the process of setting up an
Infrastructure Investment Trust (InvIT).
InvITs are instruments
that work like mutual funds. They are designed to pool small sums of
money from a number of investors to invest in assets that give cash flow
over a period of time. Works well for the road sector where steady cash
flows take time and InvITs give liquidity to service debt.
As part of the structure proposed by NHAI, a new company is being set up to act as the Investment Manager to the proposed InvIT.
As
NHAI InvIT will be the first InvIT to be sponsored by any government or
semi government entity in the country, NHAI has decided to have a
professional management structure for the proposed investment manager.
Accordingly,
a search-cum-selection committee has been formed to select the best
talent from the market for appointment of two independent Directors and
one Chairman for the Investment Manager Board.
Sukhbir Singh
Sandhu, Chairman, NHAI is the Convener of the Committee and other
members include Deepak Parekh, Chairman, Housing Development Finance
Corporation; Girish Chandra Chaturvedi, Chairman, ICICI Bank; and Sanjay
Mitra, Ex-Secretary, Ministry of Road Transport & Highways.
The
idea is to set up a competent entity of experts that can professionally
run the Infrastructure Trust to mobilize resources from the market for
monetizing completed highway projects of NHAI.
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