India is set to monetise 28 national highway assets covering more than 1,800 km during FY27, with the government aiming to raise around ₹35,000 crore as part of its infrastructure asset recycling strategy.
According to a government official, the National Highways Authority of India has identified highway stretches for monetisation, with Haryana accounting for the largest share of assets, followed by Uttar Pradesh.
The monetisation will be carried out through a mix of public and private infrastructure investment trusts (InvITs) and the toll-operate-transfer (TOT) model.
Officials said the FY27 monetisation pipeline includes two build-operate-transfer (BOT) projects and seven engineering, procurement and construction (EPC) projects. The government is also prioritising hybrid annuity model (HAM) assets due to their relatively lower capital expenditure risk compared to other project categories.
The move follows the government’s recent decision to permit sovereign wealth funds and pension funds to directly invest in greenfield toll-road projects, aimed at boosting long-term infrastructure financing.
In FY26, the road ministry generated monetisation receipts worth ₹29,000 crore. Earlier this year, the ministry’s first public InvIT raised more than ₹9,000 crore through the monetisation of five highway stretches spanning over 260 km across four states.
Over the next three to five years, the government plans to bring an additional 1,500 km of completed and operational national highways under public InvIT structures to support asset recycling and generate fresh capital for highway development.
Under the National Monetisation Pipeline (NMP) 2.0 unveiled in February, the highway sector’s monetisation potential has been estimated at ₹4.42 lakh crore between FY26 and FY30. Monetisation activity in FY27 alone is expected to generate around ₹68,770 crore.
A notable change in NMP 2.0 is the inclusion of BOT projects awarded during the current financial year within the monetisation framework.
