Interise Trust , a prominent infrastructure investment trust, has initiated a postal ballot process to seek unitholder approval for amendments to concession agreements with the National Highway Authority of India (NHAI). The trust is looking to modify agreements for 13 project Special Purpose Vehicles (SPVs) through supplementary agreements.

Key Details of the Postal Ballot

• Voting Period: November 21 to December 11, 2025
• Cut-off Date: November 15, 2025
• Result Declaration: On or before December 15, 2025

Purpose of the Amendment

The proposed amendments aim to address the compensation mechanism for annual pass facilities implemented by the Ministry of Road Transport and Highways (MORTH). This follows MORTH's introduction of an annual pass facility for non-commercial vehicles with valid Fastags, effective August 15, 2025.

Annual Pass Facility Overview

• Cost: Rs. 3,000.00
• Validity: One year or 200 crossings (whichever is earlier)
• Applicability: Any fee plaza on national highways

Compensation Framework

MORTH has established a fair compensation framework to manage potential revenue losses for concessionaires due to the annual pass system. The framework includes:

1. Daily compensation calculations
2. Quarterly reconciliation processes

Project SPVs Involved

The amendment will affect concession agreements for the following SPVs:

1. Bijapur - Hungund Tollway Private Limited
2. Beawar Pali Pindwara Tollway Private Limited
3. Bhilwara-Rajsamand Tollway Private Limited
4. Devihalli Hassan Tollway Private Limited
5. Dhule Palesner Tollway Private Limited
6. Hyderabad - Yadgiri Tollway Private Limited
7. Igatpuri Highway Private Limited
8. Krishnagiri Thopur Toll Road Private Limited
9. Krishnagiri Walajahpet Tollway Private Limited
10. Rayalseema Expressway Private Limited
11. Simhapuri Expressway Limited
12. Shreenathji-Udaipur Tollway Private Limited
13. Western Andhra Tollways Private Limited

Voting Process

Unitholders can cast their votes through e-voting or physical postal ballot forms. Interise Trust has appointed Mr. Yogesh Singhvi, a Practicing Company Secretary, as the scrutinizer to ensure a fair and transparent voting process.

The trust's move to amend these concession agreements reflects the evolving landscape of highway infrastructure management in India. The outcome of this postal ballot may have implications for Interise Trust's operational and financial strategies in the coming years.

The Delhi High Court has directed the National Highways Authority of India (NHAI) to suspend its recent circular that aimed to revise the Wholesale Price Index (WPI) linking factor used for computing toll rates. This development comes as a significant update for highway operators and commuters alike.

Key Points of the Court Order

• Circular Details: NHAI's circular, dated September 13, 2025, proposed to revise the WPI linking factor from 1.641 to 1.561.
• Scope: The revision was intended for both public-funded and Build-Operate-Transfer (BOT) concession agreements.
• Court's Direction: The Delhi High Court has ordered NHAI to keep the circular in abeyance.
• Re-examination: NHAI has been instructed to reconsider the circular after taking into account representations from petitioners and other stakeholders.

Background of the Case

The court order was issued in response to writ petitions filed by the Highway Operators Association and another party. This legal challenge highlights the potential impact of the proposed changes on various stakeholders in the highway sector.

Implications for Stakeholders

The court's decision to halt the implementation of the circular has several implications:

1. For Highway Operators: Temporary relief from potential revenue impacts that could have resulted from the revised WPI linking factor.
2. For NHAI: Need to reassess the circular and consider diverse stakeholder perspectives.
3. For Commuters: Possible delay in any toll rate adjustments that might have resulted from the circular.

Next Steps

As per the LODR data provided by Interise Trust , the following actions are expected:

• NHAI will re-examine the circular.
• Stakeholders, including the petitioners, will have an opportunity to present their representations.
• The outcome of this re-examination may influence future toll rate computations for highways across India.

This development underscores the complex interplay between infrastructure development, economic factors, and regulatory oversight in India's highway sector. Stakeholders will be closely watching for further updates on this matter.