Interise Trust has officially informed stock exchanges about the conclusion of the concession period for one of its highway infrastructure projects in Maharashtra.

The disclosure was made under Regulation 23 of the SEBI (Infrastructure Investment Trusts) Regulations, 2014.

According to the filing, the concession period for its Special Purpose Vehicle (SPV), Igatpuri Highway Private Limited, concluded on May 06, 2026 in line with the concession agreement signed with the National Highways Authority of India (NHAI).

The announcement marks an important operational milestone for the infrastructure investment trust and its highway asset portfolio.

Project to Be Handed Over to NHAI

In its regulatory filing, Interise Trust stated that the project SPV will now proceed with handing over the highway project to the National Highways Authority of India.

The handover will be carried out according to the terms and conditions mentioned in the concession agreement.

The company stated:

“The Project SPV will hand over the project to NHAI in due course, in accordance with the terms of the concession agreement.”

This indicates that the concession tenure has formally ended and the operational control of the highway project will transition back to NHAI.

Details of the Highway Project

The infrastructure project is located in the state of Maharashtra.

According to the filing, the project involves:

A 4-lane road from Vadape to Gonde on the section of NH-3 from 440.000 km to 539.500 km

The project was executed on a:

Build Operate Transfer (BOT) basis

The highway project was also part of:

National Highways Development Programme (NHDP) Phase III

The project has been an operational road infrastructure asset under Interise Trust’s portfolio through its SPV structure.

Understanding BOT Highway Projects

The project was developed under the BOT (Build Operate Transfer) model, which is commonly used in Indian highway infrastructure projects.

Under the BOT structure:

• A private developer builds the highway
• The developer operates and maintains the asset for a fixed concession period
• Toll collection or project revenues are earned during the concession period
• The project is eventually transferred back to the government authority after concession expiry

In this case, the concession period has now ended, and the highway asset will return to NHAI control.

Significance of Concession Period Completion

The conclusion of a concession period is a major event for infrastructure investment trusts and road project operators.

Such milestones indicate that:

• The contractual operational tenure has ended
• Asset transfer obligations begin
• Revenue rights from the concession conclude
• The project lifecycle enters its final handover phase

For infrastructure trusts, concession completion is a planned and expected event linked to long-term infrastructure asset management.

About Interise Trust

Interise Trust operates as an Infrastructure Investment Trust (InvIT).

Infrastructure Investment Trusts are investment vehicles that own and manage operational infrastructure assets.

InvIT structures are commonly used for:

• Roads and highways
• Transmission assets
• Renewable energy infrastructure
• Transportation projects

These trusts allow investors to participate in infrastructure assets through regulated investment platforms.

Interise Trust is registered with SEBI under:

SEBI Registration No. IN/InvIT/17-18/0007

The trust’s units are listed on stock exchanges and are traded under:

• NSE Symbol: INTERISE
• Multiple listed debt securities on BSE

Role of Special Purpose Vehicles in Infrastructure Projects

Infrastructure projects are often operated through Special Purpose Vehicles (SPVs).

An SPV is a separate legal entity created specifically for managing and executing a project.

In this case:

Igatpuri Highway Private Limited served as the SPV for the NH-3 road project.

SPVs are widely used because they help:

• Isolate project-related risks
• Manage financing structures
• Simplify project execution
• Improve operational management

Infrastructure trusts generally hold project assets through multiple SPVs.

Importance of NHDP Phase III

The highway project formed part of the National Highways Development Programme (NHDP) Phase III.

NHDP was one of India’s major road development initiatives aimed at improving national highway infrastructure.

The objectives included:

• Expanding highway capacity
• Improving freight movement
• Enhancing regional connectivity
• Reducing travel time
• Supporting economic growth

Projects under NHDP contributed significantly to India’s highway modernization over the years.

Strategic Importance of NH-3 Corridor

The NH-3 corridor is an important transportation route connecting multiple industrial and commercial regions.

The Vadape to Gonde section in Maharashtra supports:

• Passenger transportation
• Freight movement
• Industrial connectivity
• Regional logistics

Improved highway infrastructure on such corridors contributes to better transportation efficiency and economic activity.

Infrastructure Asset Lifecycle

Infrastructure projects generally follow a long operational lifecycle.

Typical stages include:

1. Project award
2. Construction and development
3. Operational phase
4. Revenue collection period
5. Concession expiry
6. Asset handover

The latest announcement from Interise Trust reflects the final operational stage of the project lifecycle.

Regulatory Disclosure Under SEBI InvIT Regulations

The disclosure was made under Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014.

These regulations require InvITs to disclose material operational and financial developments to stock exchanges and investors.

Transparency through such disclosures helps investors understand:

• Asset performance
• Operational developments
• Project lifecycle changes
• Revenue-impacting events

Timely reporting also ensures regulatory compliance and investor confidence.

Potential Investor Perspective

For investors in infrastructure trusts, concession completion announcements are important because they may influence:

• Revenue streams
• Asset portfolio structure
• Cash flow expectations
• Future distribution outlook

However, the actual financial impact depends on several factors, including:

• Portfolio diversification
• Remaining operational assets
• Replacement asset strategy
• Overall trust performance

Investors may therefore continue monitoring future announcements related to Interise Trust’s asset portfolio and operational strategy.

Maharashtra’s Highway Infrastructure Growth

Maharashtra remains one of India’s most important states for highway and transportation infrastructure development.

The state has witnessed significant investments in:

• National highways
• Expressways
• Industrial corridors
• Logistics infrastructure

Road projects like the Vadape-Gonde section have contributed to improving transportation efficiency across the region.

Such infrastructure assets also play a major role in supporting industrial and economic activity.

Transition Process After Concession Expiry

Once the concession period ends, the project generally undergoes a formal transfer process.

This process may involve:

• Final inspections
• Compliance checks
• Documentation review
• Operational handover
• Asset condition assessment

The filing indicates that the project SPV will now proceed with the handover process to NHAI as per contractual obligations.

Infrastructure Trust Model in India

Infrastructure Investment Trusts have become increasingly important in India’s infrastructure financing ecosystem.

The InvIT structure helps:

• Monetize operational assets
• Improve capital recycling
• Attract long-term investors
• Support infrastructure development

Trusts holding mature infrastructure assets can generate returns through operational cash flows during concession periods.

The conclusion of concession agreements is therefore a normal part of the infrastructure asset lifecycle.

Official Filing and Signatory

The filing was signed by:

Amit Shah
Chief Compliance Officer & Vice President – Company Secretary

The communication was addressed to:

• BSE Limited
• National Stock Exchange of India Limited

Copies of the filing were also shared with:

• IDBI Trusteeship Services Limited
• Axis Trustee Services Limited
• ICICI Bank Limited

The disclosure requested stock exchanges to take the information on record.

Conclusion

Interise Trust has announced the conclusion of the concession period for its Maharashtra highway project operated through Igatpuri Highway Private Limited.

Key highlights of the development include:

• Concession period ended on May 06, 2026
• Project located on NH-3 in Maharashtra
• 4-lane Vadape to Gonde highway section
• Project executed under BOT model
• Asset to be handed over to NHAI
• Part of NHDP Phase III

The announcement represents an import

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