Scaling the Portfolio
In line with our growth strategy of acquiring operational, revenue-generating infrastructure assets with an established operating history, we added two fully operational BOT (Build-Operate- Transfer) annuity road assets in Jammu & Kashmir from the National Investment and Infrastructure Fund for an enterprise value (including cash) of INR 41,850 million, subject to all closing adjustments as specified in the SPA. The acquisitions, funded through debt, diversified our platform beyond sponsor-led transactions and strengthened the predictability of cash flows, with annuity revenues largely insulated from economic cycles and traffic fluctuations.
Strategic Acquisitions During the Year
A 16 km stretch in Jammu & Kashmir, featuring one of India’s longest bi-directional tunnels.
Jammu Udhampur Highway Pvt. Ltd.:A critical regional connectivity link (~48 km) located in strategically important corridor of Jammu & Kashmir, further enhancing the quality and national relevance of our portfolio.
Proposed Acquisitions
As part of our growth strategy, we propose to acquire four additional infrastructure assets ‘the Committed Assets’, Sponsor and Sponsor group. These assets will be transferred to the trust in exchange for units, subject to the satisfaction of conditions precedent specified in the commitment letter. With an aggregate enterprise value of INR 72,925.32 million as of March 31, 2026, these assets will add approximately 257.72 km of road length (1,056.68 lane km), expanding the portfolio to 31 assets across 13 states and one union territory.
72,925.33
Aggregate Enterprise Value (in INR million)
257.72 km
Total Road Length
4
Committed Assets
Overview of the Committed Assets
| Asset Name (SPV) | State | Length | Concessioning Authority | Asset Type | AUM FY 2026 (in INR million)1 | Revenue FY 2026 (in INR million)2 | Concession End Date |
|---|---|---|---|---|---|---|---|
| Baharampore–Farakka Highways Ltd. (BFHL) | West Bengal | 100.6 km, 4-lane | NHAI | DBFOT (Toll) | 20,192.81 | 2,108.65 | February 02, 20413 |
| Western MP Infrastructure & Toll Roads Pvt. Ltd. (WMTPL) | Madhya Pradesh | 124.2 km, 4-lane | MPRDC | BOT (Toll) | 15,721.65 | 3,249.50 | April 27, 2038 |
| DTPL (Devanahalli Tollway Pvt. Ltd.) | Karnataka | 22.1 km, 6-lane | NHAI | DBFOT (Toll) | 14,764.77 | 3,561.50 | January 16, 2032 |
| CNTL (Chenani Nashri Tunnelway Ltd.) | Jammu & Kashmir | 10.9 km, 2-lane tunnel | NHAI | DBFOT (Annuity) | 22,246.10 | 3,748.60 | March 08, 2032 |
Strategic Rationale
- Diversification: The assets enhance geographic diversification, adding exposure to West Bengal, Madhya Pradesh, Karnataka, and Jammu & Kashmir
- Cash flow predictability: The inclusion of CNTL, an annuity asset, alongside three toll assets, improves revenue-mix balance, reducing dependence on toll collections
- Derisked assets for integration: The Sponsor’s demonstrated ability to de-risk and stabilize acquired assets evidenced by material credit-rating upgrades and cost-of-debt reductions at BFHL and WMTPL provides confidence in the operational readiness of these assets for integration into the Trust
- Unitholder value creation: The assets are expected to contribute to improved distribution yield, enhance NAV and expand available debt capacity for the Trust