印度基础设施投资信托(InvITs)：未来潜力展望

This report provides a comprehensive analysis of InvITs in Indiaincluding its future scope and mechanisms to deepen fund flow. Contents Mumbai HOKnight Frank (India) Pvt. Ltd.Paville House, Near Twin Towers,Off. Veer Savarkar Marg, Prabhadevi,Mumbai 400 025, IndiaTel: 022 6745 0101 / 4928 0101 IntroductionPage04 Ahmedabad Knight Frank (India) Pvt. Ltd.Unit Nos. 407 & 408, Block 'C', The First,Behind Keshav Baugh, Party Plot,Vastrapur, Ahmedabad 380 015, IndiaTel: 079 4894 0259/ 4038 0259 Performance of REITs and InvITs in IndiaPage07 Bengaluru First Floor, Pinnacle TowerEmbassy One, #8 Bellary RoadGanganagar, Bengaluru 560 032, IndiaTel: 080 6818 5600 InvITs aiding India's infrastructure funding landscape- Sectoral ComparisonPage10 Chennai Knight Frank (India) Pvt. Ltd.st1Floor, Centre block, Sunny Side,8/17, Shafee Mohammed Road,Nungambakkam, Chennai 600 006, IndiaTel: 044 4296 9000 Page17Investment Potential for InvITs Gurgaon Knight Frank (India) Pvt. Ltd.th1505-1508, 15Floor, Tower B,Signature Towers South City 1,Gurgaon 122 001, IndiaTel: 0124 4782700 Page20Shareholder analysis Hyderabad Knight Frank (India) Pvt. Ltd.thPart of 10Floor, Atria Block, ITPH, Plot no.17,Hitech City Rd, Software Units Layout, Madhapur,Hyderabad, Telangana 500 081, IndiaTel: 040 44554141 Page23Conclusion Kolkata Knight Frank (India) Pvt. Ltd.PS Srijan Corporate ParkUnit Number – 1202A, 12th Floor,Block – EP & GP, Plot Number - GP 2,Sector – V, Salt Lake, Kolkata 700 091, IndiaTel: 033 6652 1000 AnnexurePage24 Pune Knight Frank (India) Pvt. Ltd.Unit No.701, Level 7, Pentagon Towers P4,Magarpatta City, Hadapsar,Pune 411 013, IndiaTel: 020 6749 1500 / 3018 8500 Foreword Infrastructure investment trusts (InvITs) have emerged as a transformativeinstrument in India's infrastructure financing landscape, bridging the gapbetween large-scale project funding requirements and investor appetitefor stable, long-term returns. Over the past decade, InvITs have enabledgreater private sector participation in sectors such as roads, powertransmission, and renewable energy, offering institutional and retailinvestors access to assets that were traditionally the domain ofgovernment agencies and corporates. By providing a transparent,regulated, and yield-oriented investment platform, InvITs are redefiningthe way infrastructure projects are financed, managed, and monetized inIndia. Shishir BaijalChairman & Managing DirectorKnight Frank India This research report delves deep into the Indian InvIT ecosystem,providing a detailed examination of existing structures, operationalframeworks, governance models, and revenue streams. It analyses thediversity of operational and maintenance models adopted across leadingInvITs and evaluates their implications for scalability, investor confidence,and creditworthiness. The report also explores how InvITs arecontributing to the monetization of public infrastructure, facilitatingefficient capital recycling, and enabling the creation of institutional-gradeassets that attract long-term investments. In addition, the report identifies the challenges that the sector faces,including regulatory bottlenecks, limited awareness among retailinvestors, and the need for standardized frameworks to enhancetransparency and comparability. By highlighting successful case studiesand emerging trends, it aims to provide actionable insights forpolicymakers, developers, financiers, and investors to strengthen andexpand the InvIT ecosystem in India. As India embarks on ambitious infrastructure development programs,InvITs are poised to play a pivotal role in mobilizing private capital,optimizing asset utilization, and ensuring sustainable economic growth.We hope this report not only serves as a comprehensive reference forstakeholders but also sparks dialogue, innovation, and collaboration inone of the most promising segments of India's financial and infrastructuremarkets. Introduction In India, Real Estate Investment Trusts (REITs) and Infrastructure InvestmentTrusts (InvITs) were introduced by the Securities and Exchange Board of India(SEBI) in 2014, collectively defining them as business trusts. The primaryobjectives of these trusts are to unlock capital, attract investments, andenhance liquidity in the real estate and infrastructure sectors. The fundsraised through this mechanism provide capital to developers, aiding in themaintenance and development of real estate and infrastructure projects.Additionally, by transferring operational assets into the trust, developers canreduce their debt levels, acquire new assets, and improve their financialmetrics. These trusts offer a structured and regulated avenue for both domestic andinternational investors, providing stable returns through dividends andinterest payments. Furthermore, listing REITs and InvITs on stock exchangesenhances liquidity, facilitating easy trading for investors. Also, SEBI'sregulations uphold high standards of transparency and governance, foste