A total of 86 BOT (Toll) road assets with an enterprise value (EV) of Rs. 1.67 lakh crore were monetised by developers to InvITs during FY2018-11M FY2026. ICRA has identified a total of 36 private NHAI BOT (Toll) road projects, which are potential candidates for monetisation by InvITs, providing monetisation potential of around Rs. 23,000 – 25,000 crore. Monetisation potential of public funded toll assets of NHAI remains healthy at around Rs. 3.6 – 4.2 lakh crore.

• NHAI increased prioritising BOT (Toll) road projects during mid-late 2000s, supported by a mature model concession agreement (MCA) framework and strong private sector appetite, with awarding activity of more than 6,000 km in FY2012.
• Monetisation of BOT (Toll) road assets by InvITs started in 2018 and surged in FY2020, with monetisation activity peaking in FY2024, and subsequently moderated in FY2025 and FY2026. Overall, InvITs have emerged as long-term owners of toll road projects, providing capital churn to the developers of Rs. 1.67 lakh crore of enterprise value (EV) till date.