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.

Interise Trust , formerly known as IndInfravit Trust, has successfully raised Rs 2,074.82 crore through the allotment of senior, secured, rated, listed, redeemable, non-convertible debentures (NCDs). The allotment, approved on October 16, 2025, by the Investment & Finance Committee of Interise Investment Managers Private Limited, the trust's investment manager, marks a significant move in the infrastructure investment trust sector.

Debenture Details

The NCD issuance is structured in two series:

Key Points

• Total Raised: The combined value of both series amounts to Rs 2,074.82 crore.
• Listing: The debentures will be listed on BSE Limited.
• Interest Payment: The interest for both series is payable quarterly.
• Security: The NCDs are senior, secured, and rated instruments.

Investor Relations

Interise Trust also released its Statement of Investor Complaints for the quarter ended September 30, 2025. The report indicates:

• No investor complaints were pending at the beginning or end of the quarter.
• No new complaints were received during the quarter.
• This applies to both general complaints and those filed through the SCORES (SEBI Complaints Redress System) portal.

Market Impact

The successful raising of over Rs 2,000 crore through NCDs suggests strong investor confidence in Interise Trust. This capital infusion may support the trust's infrastructure investments and operations.

Investors and market watchers will likely observe how Interise Trust utilizes these funds and the impact on its future performance. The trust's ability to raise substantial capital through rated instruments may also indicate its financial position and market standing.

As the infrastructure sector continues to be a key focus area for economic growth, such fundraising activities by infrastructure investment trusts like Interise Trust play a role in channeling investments into infrastructure projects.