BHARAT HIGHWAYS INVIT

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• Bharat Highways InvIT (The Trust) is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India and to carry on the activities of an infrastructure investment trust, as permissible under the SEBI InvIT Regulations.
  
• The Trust was settled by way of the Original Trust Deed, by GRIL (the Settlor), and registered as an infrastructure investment trust with SEBI on August 3, 2022, under the SEBI InvIT Regulations.
• ​The company that initiated this trust, GRIL is engaged in testing services in the field of transportation engineering and has expertise in NSV survey, FWD survey, pavement design of roads and airports, physical and chemical testing of soil, lime, cement, road roughness testing, concrete and bituminous mix design of road projects.
  
• The trust's initial portfolio assets consist of seven road assets, all operating on a HAM basis, in the states of Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh. These roads are operated and maintained under concession rights granted by the NHAI and are owned and operated by the Project SPVs, which are currently wholly owned by GRIL.
• All of the InvIT Assets are HAM projects awarded by NHAI and the revenue stream is primarily through annuity payments from the NHAI. GRIL is monetizing future annuity payments (including interest payable thereon) and O&M income receivable from the NHAI by transferring the InvIT Assets to the InvIT.
• ​InvIT has also entered into a ROFO agreement with GRIL under which GRIL has granted InvIT a right of first refusal over certain other assets owned and being developed by GRIL
  
• The Trust has been assigned a provisional rating of CRISIL AAA/Stable (Reaffirmed) from Crisil Ratings Limited, a provisional rating of CARE AAA, Stable from CARE Ratings Limite, and a provisional rating of IND AAA/Stable from India Ratings and Research.
  

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(Note: A trust is a legal arrangement where one party (the "settlor" or "grantor") transfers assets to another party (the "trustee") to hold and manage for the benefit of a third party (the "beneficiary" or "beneficiaries").​

(Note: InvITs can be established as a trust and registered with Sebi. An InvIT consists of four elements: 1) Trustee, 2) Sponsor(s), 3) Investment Manager, and 4) Project Manager.)

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