Mumbai, Aug 29 (PTI) Private equity major KKR India on Monday said it has launched its third infrastructure trust for its highways assets -- Highways Infrastructure Trust (HIT).

Being a road infrastructure investment trust, HIT is KKR's third InvIT in the country, the global private equity major said in a statement.

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The InvIT's initial portfolio comprises six road assets with a total length of over 450 kilometres across Gujarat, Madhya Pradesh, Meghalaya, Rajasthan, Tamil Nadu and Telangana. In addition, HIT is considering a pipeline of acquisitions, including through its sponsor.

The company hopes HIT to help it strengthen its ability to pursue more opportunities in transportation, renewables and power.

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Its existing InvITs are Virescent Renewable Energy Trust, which is the country's first renewable energy InvIT, and India Grid Trust, a leading transmissions InvIT.

Together, these three platforms operate and manage 33 assets valued at over USD 3.8 billion across 22 states/Union territories, it said without offering a breakup.

India's road network is the second-largest globally and is responsible for 90 per cent of total passenger traffic and almost 65 per cent of all goods across the country.

The launch of HIT is a significant milestone for KKR India's infrastructure strategy as it deepens the fund's presence in the market. With the dedicated platforms across transmissions, roads, and renewables in place, KKR is well-positioned to collaborate with sellers in the private markets and government through the national monetisation pipeline on attractive investment opportunities, Hardik Shah, a partner at the fund, said.

Globally, KKR's infrastructure portfolio spans a broad range of sectors, including transportation, renewables, power and utilities, water and wastewater, and telecommunications, and manages over USD 40 billion in assets.

KKR India sees transportation, renewable energy and electricity transmissions as core to its infrastructure strategy and since entry in 2009, it has made over 20 investments and currently has more than a dozen active portfolio companies.

Virescent Renewable Energy Trust is an infrastructure investment trust with a portfolio of 14 operational solar power projects, aggregating to 500 mwp, across seven states. The trust's initial portfolio of assets comprised nine solar projects, aggregating to 394 mwp across Maharashtra, Tamil Nadu, Rajasthan, Gujarat and UP. Subsequently, the trust added five more solar power projects of 106 mwp in Rajasthan, MP and Punjab.

All these 14 projects have 25-year-long power purchase agreements with central and states off-takers. Terra Asia Holdings II is the sponsor to the trust.

Indigrid is the country's first and the largest infrastructure investment trust (InvIT) in the power transmission sector. It owns, operates, and manages power transmission networks and renewable energy assets.

Indigrid's asset portfolio comprises 13 power transmission projects located across several states and these projects comprise of 38 EHV overhead power transmission lines, comprising seven 765 kV transmission lines, 29 400 kV transmission lines and two 132 kV transmission lines, with a total circuit length of around 7,570 ckms and 11 substations with around 13,550 MVA of transformation capacity, across 18 states.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)