Interise Trust Evaluates Impact of NHAI's WPI Linking Factor Reduction on Toll Rates

Interise Trust , a prominent infrastructure investment trust, has disclosed that the National Highways Authority of India (NHAI) has issued a circular on September 13, 2025, which could potentially affect toll rates for various Build-Operate-Transfer (BOT) projects within the Trust's portfolio.

NHAI Circular Details

The circular from NHAI introduces a reduction in the Wholesale Price Index (WPI) linking factor used for calculating toll rates on public-funded and BOT projects. This adjustment specifically impacts the conversion of WPI from the 2011-12 base year to the 2004-05 base year.

Potential Impact on Toll Rates

As a result of this change, current toll rates are expected to be affected, and there may be modifications to future toll rate calculations for BOT projects managed by Interise Trust's project Special Purpose Vehicles (SPVs).

Trust's Response

Interise Trust has reported that its Project Manager, along with the respective project SPVs and the Investment Manager, are currently evaluating the full impact of the NHAI circular. The Trust aims to determine the most appropriate course of action based on their assessment.

Financial Stability

Despite the potential changes in toll rates, Interise Trust maintains a strong financial position. The Trust recently received reaffirmations of its credit ratings from ICRA Limited, including:

• [ICRA]AAA(Stable) rating for its Non-Convertible Debentures (NCDs)
• [ICRA]A1+ rating for its Commercial Paper program
• [ICRA]AAA(Stable) Issuer rating

Upcoming Developments

The Investment & Finance Committee of the Board of Directors of Interise Investment Managers Limited, acting as the Investment Manager for Interise Trust, is scheduled to meet to consider raising funds through the issuance of Non-Convertible Debentures. This proposed issuance, if approved, will be within the limits previously sanctioned by the unitholders of the Trust.

Investors and stakeholders are advised to monitor further announcements from Interise Trust regarding the impact of the NHAI circular and any subsequent decisions made by the Trust's management.