Vertis Infrastructure Trust has set an ambitious target to double its assets under management (AUM) to ₹52,000 crore over the next two years, driven by steady secondary acquisitions of operational highway projects worth ₹5,000–6,000 crore annually. According to joint chief executive officer Zafar Khan, the roads-focused infrastructure investment trust currently manages assets worth around ₹26,000 crore and is not satisfied with its current size. The company expects to add a mix of hybrid annuity model (HAM) and toll projects to maintain a balanced portfolio and enhance investor returns.
Unlike some peers that rely heavily on toll-operate-transfer (TOT) bundles from the National Highways Authority of India (NHAI), Vertis has built much of its portfolio through secondary acquisitions from developers. As reported by Live Mint, the InvIT is in advanced stages of completing the acquisition of HAM projects from PNC Infratech, with nine of the ten projects already taken over, while the tenth is expected to be completed later this month after achieving commercial operations date (COD). Khan noted that the InvIT is among bidders for another secondary HAM portfolio currently on the block and plans to target at least one or two TOT bundles if pricing and project specifics are attractive.
The expansion push comes amid robust traffic growth across national highway corridors, with average traffic growth exceeding 5% over the past year across operational corridors, aided by economic activity and network expansion. According to Khan, newer access-controlled corridors have shown even stronger traffic growth of 10–15%. He reported that across the portfolio, traffic and revenue have been higher than projections, with actual collections consistently outperforming estimates. The trust has received full annuity payments from NHAI on its HAM assets, including compensation related to earlier issues such as axle-load changes, reinforcing cash flow visibility.
An initial public offering is under active consideration, though no timeline has been finalized. As reported by Live Mint, Khan stated that at ₹26,000–27,000 crore AUM, the company is at a substantial level to go public, with traffic growth strong and PNC assets stabilizing. The InvIT's units, issued earlier at ₹98, are currently trading above ₹107, reflecting positive market sentiment. Khan noted that investor appetite remains healthy and the IPO is on the cards, pending timing and internal decisions.
Beyond scale expansion, Vertis is sharpening its environmental, social and governance (ESG) framework. According to the report, the InvIT recently raised sustainability-linked financing aligned with International Finance Corporation standards and is expanding solar capacity across toll plazas and project sites. Khan stated that the company expects to cross 1 megawatt of cumulative solar capacity this year and is piloting AI-based systems to optimize energy consumption in road lighting, targeting 8–15% savings. With steady traffic growth, a visible acquisition pipeline, and potential IPO ahead, Vertis is positioning itself to be among the top three road InvITs in India by scale over the next few years.
