PRNewswire
Mumbai (Maharashtra) [India], December 11: Mumbai-based Citius TransNet Investment Trust, a premier transport-focused Infrastructure Investment Trust (InvIT), has filed its Draft Offer Document (DOD) with the Securities and Exchange Board of India (SEBI) for its highly anticipated public offering.
The offer comprises units aggregating up to ₹1,340 crore, including a strategic investor portion of up to 25% of the issue size, reflecting robust confidence from institutional partners. Proceeds from the fresh issuance of ₹1,235 crore will drive strategic expansion, including partial or full acquisition of securities of SRPL and select high-potential project SPVs such as TEL, JSEL, Dhola, and Dibang, alongside advancing operational excellence and innovation.
Established with a visionary mandate to acquire, manage, and invest in a diversified portfolio of transport infrastructure assets – including premium roads across India – the Trust was constituted through a Trust Deed by its Sponsor, Epic TransNet Infrastructure Private Limited (formerly Watrak Infrastructure Private Limited), and registered as an InvIT with SEBI on August 1, 2025, in full alignment with InvIT Regulations.
The Sponsor is wholly owned by the schemes of Infrastructure Yield Trust (Infrastructure Yield Plus II, Infrastructure Yield Plus IIA, and India Infrastructure Yield Plus II), an esteemed Alternative Investment Fund (AIF) managed by EAAA India Alternatives Limited (EAAA). As of September 30, 2024, EAAA ranks third among India’s infrastructure investment managers by total assets under management (AUM), overseeing three of the 14 leading funds in this dynamic space (Source: CRISIL Report).
EAAA’s diversified, multi-strategy platform thrives in large, under-tapped, and rapidly expanding alternative asset classes, delivering exceptional income and yield solutions to a global clientele of pension funds, insurance leaders, and ultra-high-net-worth individuals.
Bolstered by a dedicated asset management team of 26 experts – augmented by in-house teams of 346 professionals across initial portfolio assets – and 76 investment professionals as of June 30, 2025, EAAA ensures unparalleled governance, operational oversight, and execution prowess.
The Sponsor Group – encompassing the Sponsor, Infrastructure Yield Trust schemes, Epic.
TransNet Project Management Private Limited (formerly Chennai-Tada Tollway Private Limited, the Project Manager), and Neelambur Madukkarai Tollway Private Limited – forms a synergistic powerhouse for sustained value creation.
Upon completion of formation transactions, the Trust’s initial portfolio will showcase 10 mature toll and annuity road assets (seven toll and three annuity), spanning nine vibrant Indian states and covering an impressive 3,406.71 lane-kilometers (with toll assets exceeding 3,043.22 lane-kilometers and annuity assets surpassing 363.49 lane-kilometers). Most assets boast long operating histories, held directly or through dedicated Project SPVs and HoldCos (Epic Concesiones 3 Private Limited and SRPL Roads Private Limited), except for Thrissur Expressway Limited (TEL), which is directly held for enhanced agility. The portfolio is further fortified by a Right of First Offer (ROFO) on 11 high-quality HAM assets within the EAAA platform, securing a clear pipeline for future growth.
Key Strengths Driving Excellence
* Diversified and Mature Portfolio: Assets across nine states blend toll and annuity concessions for a balanced risk-return profile and enduring cash flow stability.
* Robust Acquisition Pipeline: ROFO on 11 HAM assets enables seamless, structured expansion beyond open-market competition.
* Strategic Corridor Positioning: Toll assets anchor key freight and passenger routes linking industrial hubs, mining regions, ports, and logistics corridors, with commercial vehicles driving 62-74% of resilient toll revenues.
* Balanced Revenue Streams: Inflation-indexed tolls paired with fixed annuity payments from government authorities ensure predictable, diversified inflows.
* Proven Operations Expertise: The Project Manager and O&M teams excel in tolling, maintenance, safety, technology surveillance, and lifecycle management, backed by 23 awards for construction quality, safety, and O&M excellence.
* Elite Governance Framework: Investment Manager EAAA TransInfra Managers Limited (an EAAA subsidiary) delivers sophisticated oversight in investments, operations, compliance, and capital allocation.
* Minimal Counterparty Exposure: Reliance on trusted entities like NHAI, MoRTH, and state governments guarantees reliable annuity payments and concession adherence.
Operational Momentum
The Trust orchestrates its assets via multiple SPVs, each dedicated to a toll or annuity project. Post-formation transactions, the lineup includes seven toll SPVs, three annuity SPVs, and two HoldCos. The Project Manager spearheads operations, toll collection, concession compliance, maintenance, safety systems, and tech-enabled monitoring. Performance is optimized through automated toll data, AADT analysis, and maintenance KPIs, with traffic demonstrating strong growth – AADT across toll assets rose at a 6.52% CAGR from FY23 to FY25.
Business Highlights
* Enduring Asset Quality: Long-tenure operating assets deliver consistent revenue patterns, with a weighted average remaining concession life of 13.36 years for tolls.
* Optimized Diversification: No single asset exceeds 25.89% of enterprise value, underscored by a low Herfindahl-Hirschman Index (HHI) score of 39.76.
* Geographic Reach: Coverage in powerhouse states like Gujarat, Odisha, Kerala, Haryana, Karnataka-Telangana, and the North-East.
* Stable Annuity Backbone: Government-backed payments shield revenues from traffic volatility.
* Growth Catalysts: ROFO rights and EAAA’s institutional muscle enhance governance, risk mitigation, and efficiency.
Financial Highlights
(₹ in crore)
Q1 FY26 (Quarter ended June 30, 2025)
* Total Income: 526.58
* Revenue from Operations: 500.85
* Toll Revenue: 458.47 (87.07% of income)
* EBITDA: 384.75
* EBITDA Margin: 73.07%
FY25
* Total Income: 2,165.62
* Revenue from Operations: 1,987.05
* Toll Revenue: 1,717.93
* EBITDA: 1,434.95
* EBITDA Margin: 66.26%
FY24
* Total Income: 2,038.53
* Revenue from Operations: 1,873.17
* EBITDA: 1,259.41
* EBITDA Margin: 61.78%
FY23
* Total Income: 1,885.30
* Revenue from Operations: 1,723.52
* EBITDA: 1,084.17
These figures reflect accelerating revenue trajectories – up from ₹1,773.5 crore in FY23 to ₹1,987 crore in FY25 – alongside expanding EBITDA and margins, fuelled by traffic momentum and operational efficiencies.
Axis Capital, Ambit Private Limited, and ICICI Securities are the distinguished Book Running Lead Managers, with Kfin Technologies Limited as the Registrar to the Offer. The units are poised for listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), inviting investors to tap into India’s infrastructure renaissance.
Citius TransNet Investment Trust stands at the forefront of sustainable mobility, powered by world-class assets, expert stewardship, and a blueprint for enduring prosperity.
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