Rs 850 crore would come from long-term bank loans and Rs 1,500 crore from non-convertible debentures of the total money to be raised, or Rs 2,350 crore. Both facilities have received an interim “AAA” rating from CARE Ratings, with a stable outlook. NHIT has a sanctioned loan of Rs 2,000 crore (20 years), of which Rs 1,480 crore was raised in March 2022. Additionally, InvIT raised Rs 6,011 crore in capital.
The additional assets are also mature toll road projects with a demonstrated operating history of 5 to 13 years, in addition to the operating history of previous projects of 12 to 18 years. Five road project assets currently in InvIT’s portfolio are Palanpur-Abu Road, Abu Road-Swaroopganj, Chittorgarh-Kota, Kothakota-Kurnool and Belgaum-Kagal roads.
The projects in the portfolio are located in various geographical regions including Gujarat, Rajasthan, Telangana, Andhra Pradesh, Karnataka, Uttar Pradesh, Maharashtra and Madhya Pradesh. InvIT’s business risk is thus significantly reduced, as the likelihood of regional economic downturns or force majeure situations is reduced.
Robust toll collection of Rs 142.48 crore and ADTC of Rs 1.57 crore was recorded by NHIT for the first quarter that ended June 2022 (Q1FY23). As the remaining three assets are expected to be transferred under InvIT by September 2022 and start contributing to toll collection from then on in October 2022.