Indus Infra Trust expands highways portfolio in 2026

Key development: two highway acquisition moves

Indus Infra Trust has reported progress on two separate acquisitions that expand its road-asset portfolio. First, the trust confirmed completion of its purchase of three highway companies from GR Infraprojects Limited. Second, it disclosed that its Investment Committee and the Board of Directors of GR Highways Investment Manager Private Limited approved the acquisition of another road SPV in Kerala, along with execution of a share purchase agreement.

These disclosures matter for investors tracking how infrastructure investment trusts scale their portfolios, and how they structure acquisitions through SPVs. The updates also provide specific asset-level details for the Kerala project, including its mode (HAM), operating timeline, and key financial caps shared in the announcement.

March 25, 2026: ROFO assets acquired from GR Infraprojects

Indus Infra Trust announced that it completed the acquisition of three highway companies from GR Infraprojects Limited on March 25, 2026. The transaction involved the acquisition of 100% equity shares in the three highway infrastructure companies. The set of assets was collectively described as “ROFO Assets” in the disclosure.

The trust positioned the deal as a substantial addition to its existing highway infrastructure portfolio. The announcement also indicated that, with resolutions approved, the trust can proceed with the asset acquisition from GR Infraprojects Limited and implement an increased borrowings limit to support operational and growth requirements. The disclosure did not specify the revised borrowings limit.

Which companies were part of the ROFO acquisition

The ROFO acquisition covered three specialized highway infrastructure companies linked to different regional road projects across India. The entities, as listed by the trust, were:

• GR Ena Kim Expressway Private Limited (GEKEPL)
• GR Ujjain Badnawar Highway Private Limited (GUBHPL)
• GR Bilaspur Urga Highway Private Limited (GBUHPL)

The trust stated it acquired a 100% equity stake in these SPVs as part of the completed transaction.

June 8, 2026: approval for a separate Kerala expressway acquisition

In a later disclosure dated June 8, 2026, the Investment Committee and Board of Directors of GR Highways Investment Manager Private Limited, acting as the Investment Manager of Indus Infra Trust, considered and approved the proposed acquisition of 100% equity shareholding of ULCCS Kasaragod Expressway Private Limited (UKEPL). The seller was identified as Uralungal Labour Contract Co-operative Society Limited (ULCCS).

The trust stated that the parties executed a Share Purchase Agreement (SPA) on June 8, 2026 through IDBI Trusteeship Services Limited (the trustee), the Investment Manager, ULCCS and ULCCS–KEPL. The trust also noted that the information would be made available on its website.

UKEPL asset profile: HAM road in Kerala

UKEPL was described as a Hybrid Annuity Mode (HAM) asset in Kerala. The disclosure said the project is a six-lane expressway from Thalapady to Chengala section of NH-17 (New NH-66), with a total length of 39.00 km.

Key operating dates and tenor were also provided. The project’s Provisional Commercial Operation Date (PCOD) was stated as August 25, 2025. The operation period was disclosed as 15 years, with a balance life of 14.22 years as on June 8, 2026. The disclosure also stated that 29 bi-annual annuity instalments were receivable as on June 8, 2026.

Regulatory and transaction conditions highlighted by the trust

Indus Infra Trust stated that the proposed acquisition would not be categorized as a related party transaction. It also said no sponsor, sponsor group, or group companies have any interest in the entities being acquired, and that the transaction will be undertaken on an arm’s length basis.

The disclosure added that UKEPL has received a NoC from the National Highways Authority of India (NHAI) for transfer of 100% shareholding of UKEPL held by ULCCS along with its nominees to Indus Infra Trust. As per the SPA, the long stop date for completion of the acquisition was stated as September 30, 2026.

Valuation caps and share capital details disclosed

For the proposed UKEPL acquisition, the trust disclosed caps for enterprise value and cost of acquisition, both subject to closing adjustments. It also disclosed the number of shares and the paid-up share capital being acquired.

• Enterprise Value (up to): INR 1,000.84 crore
• Cost of acquisition including unsecured loan (up to): INR 443.98 crore
• Equity shares to be acquired: 1,44,71,001 fully paid-up equity shares of INR 100 each
• Issued, subscribed, and paid-up share capital: INR 144.71 crore

The disclosure also stated UKEPL’s date of incorporation as April 12, 2021.

Snapshot table: what the disclosures confirm

Market and investor relevance: leverage, funding, and portfolio building

The trust described itself as an infrastructure investment trust focused on acquiring, managing, and investing in infrastructure assets in India. It also stated it is SEBI-registered and incorporated in 2022. In its business overview, it disclosed that it is sponsored by AIPL, with GRHIMPL as the investment manager, AIPL as the project manager, and IDBI Trusteeship Services Ltd as trustee.

On the operating and funding side, the provided text includes a stated leverage level of around 27%. The same text also includes valuation multiples presented as P/E ratios (10.2x, 9.7x, 8.9x) and PEG ratios (0.00, 0.10, 0.03), without specifying dates or periods for those metrics.

Separately, the trust’s earlier note around implementing an “increased borrowings limit” alongside the GR Infraprojects acquisition signals that portfolio expansion is being matched with balance sheet planning, although the revised limit was not disclosed in the provided information.

UKEPL key project numbers at a glance

Conclusion: what to watch next

Indus Infra Trust has already completed its ROFO acquisition of three highway SPVs from GR Infraprojects, and has separately advanced another acquisition by signing an SPA for UKEPL. For the UKEPL transaction, the next confirmed milestone is completion by the long stop date of September 30, 2026, subject to the conditions and closing adjustments outlined in the SPA.