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The InvIT and Highway Encyclopedia
Infrastructure Investment Trusts, national highways, tolls, concessions, project finance, tax and the finance work behind them. Written for students, accountants, CAs, CMAs, investors and industry veterans.
- 1,46,560 kmNational highway network, Dec 2025MoRTH, as reported
- 20In-depth chapters, in 4 volumesAbout 22k words
- 239Glossary termsInvIT, toll, finance, tax, P2P and R2R
- ₹20,682 crElectronic toll collected, Apr to Jun 2025NETC data, as reported
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Everything in one place
The chapters
Four volumes, from class 10 to boardroom
Every chapter starts with a section "in simple words", then gives the professional view with sources, tables and checklists.
InvIT fundamentals
Structure, SEBI rules, tax, valuation and accounting of Infrastructure Investment Trusts.
What Is an InvIT? Infrastructure Investment Trusts Explained, From Class 10 to Boardroom
A plain-English guide to Infrastructure Investment Trusts (InvITs) in India: how they work, who the sponsor, trustee and investment manager are, and why investors buy…
Chapter 1.2Why an InvIT and Not a Company? Structure, Tax and Distribution Compared
Why infrastructure owners in India use InvITs instead of a normal company: pass-through tax, mandatory cash distribution, leverage limits, governance and who it…
Chapter 1.3SEBI InvIT Rules Explained: Distribution, Leverage, Sponsor Holding and Valuation
The key SEBI InvIT Regulations 2014 rules in plain English: 90% NDCF distribution, 25/49/70% borrowing limits, sponsor unitholding, investment conditions, valuation and…
Chapter 1.4How InvITs Are Taxed in India: Interest, Dividend, Repayment of Debt and Capital Gains
InvIT pass-through taxation in plain English: how interest, dividend and repayment of debt distributions are taxed, TDS rates, capital gains on units, and section…
Chapter 1.5Valuing a Toll Road InvIT: DCF, NDCF, NAV and Why Yield Is Not Return
How toll road InvITs are valued: finite-life DCF, discount rates, NAV, the SEBI NDCF framework, and why a 12% distribution yield can mean a much lower IRR. With worked…
Chapter 1.6Ind AS Accounting for Toll Roads and InvITs: Service Concessions, Major Maintenance and Unit Capital
How toll and HAM road SPVs and InvITs account under Ind AS: service concession arrangements (intangible vs financial asset), Ind AS 37 major maintenance, amortisation,…
Chapter 1.7InvIT and Toll Road FAQ: 50 Questions Investors, Students and Professionals Ask
Answers to 50 common and deep questions about InvITs and Indian toll roads: structure, SEBI rules, tax, NDCF, valuation, BOT/TOT/HAM, accounting, risks and…
Highways, concessions and tolling
How India builds, contracts, tolls and monetises its national highways.
How India's Highways Changed Since 1947: From 19,811 km to 1.46 Lakh km
An illustrated timeline of India's national highways from independence to today: the 1956 and 1988 Acts, NHDP and the Golden Quadrilateral, BOT, HAM, InvITs, TOT, the…
New Chapter 2.2India's Highway Sector: Institutions, Network, Programmes and Money
Who builds, owns, finances and regulates India's national highways: MoRTH, NHAI, NHIDCL, IHMCL, the 1.46 lakh km network, Bharatmala, high-speed corridors, asset…
Chapter 2.3BOT, TOT, HAM and EPC: Indian Highway Models Explained Simply (and in Depth)
How Indian national highways are built and financed: EPC, BOT (Toll), BOT (Annuity), Hybrid Annuity Model (HAM) and Toll-Operate-Transfer (TOT), who takes which risk,…
New Chapter 2.4Reading a Highway Concession Agreement: The 15 Clauses That Decide Value
A clause-by-clause guide to India's model concession agreements for BOT, HAM and TOT highways: appointed date, COD, fee, O&M, change of scope, change in law, force…
New Chapter 2.5Toll Fee Rules, FASTag, the Annual Pass, GNSS and Barrier-Free Tolling
How national highway tolls are set and collected in India: the 2008 Fee Rules, annual revision, FASTag and NETC, the double fee and UPI rule, the annual pass and how…
Chapter 2.6How Toll Roads Make Money: Toll Rates, Traffic, Concessions and Major Maintenance
How toll revenue on Indian national highways is calculated: vehicle classes, annual WPI-linked toll revision, FASTag and GNSS tolling, traffic drivers, concession…
New Chapter 2.7Highway Disputes, Claims and Arbitration: SAROD, Conciliation and the 2026 Reset
How contract disputes on Indian national highways are resolved: claims, the Independent Engineer, conciliation committees, SAROD-Roads, the January 2026 NHAI circular,…
Finance, diligence and modelling
Debt, lenders, due diligence, risks and building the model.
Infrastructure Debt Explained: DSCR, LLCR, DSRA, MMRA, Cash Waterfalls and Covenants for Toll Roads
How toll road and InvIT debt works: DSCR and LLCR, debt sculpting, DSRA and MMRA reserves, escrow waterfalls, cash traps, refinancing and what lenders and rating…
New Chapter 3.2Project Finance for Indian Highways: Lenders, the RBI's 2025 Directions, Ratings and Refinancing
The life of a highway loan in India from sanction to refinance: who lends (banks, NaBFID, IIFCL, NBFCs, bond investors, InvITs), the RBI Project Finance Directions 2025,…
Chapter 3.3Due Diligence on a Toll Road or InvIT Acquisition: The Complete Checklist
A practical due diligence checklist for buying a toll road or HAM SPV, or investing in an InvIT: traffic, technical, legal, concession, financial model, tax, accounting…
Chapter 3.4Risks in InvITs and Toll Roads: What Can Go Wrong and How to Read the Warning Signs
A clear guide to InvIT and toll road risks: traffic, concession expiry, interest rates, refinancing, regulation and tolling policy, counterparty, governance, tax and…
Chapter 3.5How to Build a Toll Road Financial Model in Excel: Step-by-Step Structure
A step-by-step guide to building a toll road or HAM project finance model in Excel: inputs, traffic and tariff, O&M and major maintenance, debt sculpting, reserves, tax,…
Finance operations for accountants, CAs and CMAs
P2P, R2R and the month-end close in a toll SPV or InvIT.
Big picture
India's highway backbone
- Authority, during construction (40%)
- Concessionaire, repaid by annuities (60%)
Monthly industry and tax updates
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