Infrastructure Investment Trusts

Bankers say private infra offtake slow; much of funding is via public funds

Markets watchdog Sebi on Wednesday notified governance norms for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) on the lines of listed companies. In two separate notifications, provisions such as those related to tenure of auditor, computation of leverage and unclaimed or unpaid distribution have been streamlined by the regulator. This comes after the board of Sebi approved a proposal in December for introducing governance norms for REITs and InvITs on the lines of corporate governance norms for listed companies. As part of streamlining the provisions for REITs and InvITs, the regulator said the tenure of an auditor will be made till the conclusion of the fifth annual general meeting of unitholders, and a statutory auditor will undertake a limited audit of all the entities or companies whose accounts are to be consolidated. REITs or InvITs would not appoint an individual as the auditor for more than one term of five consecutive years, while an .

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The five SPVs are engaged in operating and maintaining highways in the states of Andhra Pradesh, Uttar Pradesh, Bihar and Maharashtra

InvITs are collective investment vehicles that allow direct investments from individual and institutional investors in infrastructure projects, and give them a small portion of the income in returns

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The company was planning to bring down its gross debt to below Rs 25,000 crore from Rs 49,000 crore with the InvIT structure

Generally, InvITs comprise a portfolio of infrastructure assets such as highways, power transmission assets

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The company, which launched the country's first public infrastructure investment trust (InvIT) in 2017, launched its second Rs 4,400-crore private InvIT

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Rating agency ICRA had earlier in February estimated that Rs 2 trillion would likely be raised through the InvIT route over the next five years

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Sebi has been receiving representations from the industry and the market participants for considering alternative measures