Lok Sabha Question No. 2120 (UNSTARRED), answered on 2026-02-12
Subject: NHAI Debt Liability
Ministry: ROAD TRANSPORT AND HIGHWAYS
Asked by: Shri Dhairyasheel Sambhajirao Mane, Shri Sudheer Gupta, Shri Chavan Ravindra Vasantrao

be pleased to state:-

- (a)  the  details  of  debt  liability  of  National  Highways  Authority  of India (NHAI) as on date;
- (b) the strategy proposed  for debt reduction, including asset monetisation,  Toll-Operate-Transfer  (TOT)  models,  Infrastructure Investment Trusts (InvITs) and budgetary support;
- (c) whether the National Highways Authority of India (NHAI) has set any timeline for achieving the targeted reduction in its debt and if so, the details thereof;
- (d)  the  manner  in  which  proposed  debt  rationalisation  will  affect ongoing or planned highway projects; and
- (e) the measures taken/being taken to ensure financial sustainability  of  NHAI  while  maintaining  the  pace  of  national highway development?

## GOVERNMENT OF INDIA

## MINISTRY OF ROAD TRANSPORT AND HIGHWAYS

## LOK SABHA UNSTARRED QUESTION NO. 2120

ANSWERED ON 12 TH  FEBRUARY, 2026

## NHAI DEBT LIABILTY

2120.   SHRI DHAIRYASHEEL SAMBHAJIRAO MANE:

SHRI SUDHEER GUPTA:

SHRI CHAVAN RAVINDRA VASANTRAO:

Will the Minister of ROAD TRANSPORT AND HIGHWAYS

सड़क परिवहन औि िाजमार्ग मंत्री

## ANSWER

## THE MINISTER OF ROAD TRANSPORT AND HIGHWAYS (SHRI NITIN JAIRAM GADKARI)

- (a) As on 31st January 2026, the debt liability of National Highways Authority of India (NHAI) is Rs. 2,16,624 crore.
- (b)  Since October 2022, NHAI has not borrowed any funds and has drawn  up  a  plan  to  service  its  debt  through  a  mix  of  asset monetisation and improved toll income. InvIT receipts are earmarked  for  debt  servicing  only.  Asset  monetization  inflows bolster  NHAI  sources  of  funds.  The  funds  mobilization  under  TollOperate-Transport (TOT) and Infrastructure Investment Trust (InvIT) mode is given in the Annexure.
- (c)  NHAI  is  making  continuous  efforts  to  bring  its  debt  reduced further by the end of each financial year.
- (d)  NHAI  has not undertaken fresh borrowings since October 2022 onwards and is supported through larger budgetary allocations. The monetisation of revenue-generating highway assets through InvITs and TOT adds to its source of capital.  Thus, the debt rationalisation will not affect ongoing or planned highway projects.
- (e) NHAI  has  taken  several  measures  to  ensure  its  financial sustainability while maintaining the pace  of  national  highway development.  These  include  monetisation  of  operational  highway assets  through  TOT  and  InvITs  model.  There  have  been  no  fresh borrowings since October 2022.

NHAI  is  also  promoting  Public-Private  Partnership  (PPP)  models such  as  Build-Operate-Transfer  (BOT)  and  Hybrid  Annuity  Model (HAM) to share financial risks.

Further, improved toll collection through Fastag, project prioritisation  and  strengthened  financial  discipline  have  helped sustained highway development.

ANNEXURE REFERRED TO IN REPLY TO PART (B) OF LOK SABHA UNSTARRED QUESTION NO. 2120 ANSWERED ON 12 TH  FEBRUARY, 2026 ASKED BY SHRI DHAIRYASHEEL SAMBHAJIRAO MANE, SHRI SUDHEER  GUPTA AND  SHRI  CHAVAN  RAVINDRA  VASANTRAO REGARDING 'NHAI Debt Liability'.

- A. Receipts deposited in Consolidated Fund of India (CFI) under TOT:

| TOT- Bundle    |   Financial Year (FY) | Length (in KMs)                | State              |   Concession value transferred CFI (Rs. In Cr.) | to Year Wise (Rs. In Cr.)   |
|----------------|-----------------------|--------------------------------|--------------------|-------------------------------------------------|-----------------------------|
| 2018-19        |                   681 | AP, Odisha & Gujarat           | 9682               |                                            9682 | TOT-1                       |
| TOT-3 2020-21  |                   566 | UP, Bihar, Jharkhand and T N   | 5011               |                                            5011 |                             |
| 5(A-1) 2021-22 |                    54 | Gujarat                        | 1011               |                                            1011 |                             |
| TOT-           |                   106 | Gujarat                        |                    |                                            1251 | 5(A-2)                      |
| TOT-7          |                   135 | Eastern Peripheral Expressway, | Delhi              |                                            6267 | 10662                       |
| 2022-23 TOT-9  |                    73 | U P                            |                    |                                            3144 |                             |
| TOT-11 TOT-12  |                    84 | U P                            |                    |                                            2156 |                             |
|                |                   316 | M P                            |                    |                                            4428 |                             |
| TOT-13         |                   108 |                                | MP & Rajasthan     |                                            1683 |                             |
| 2023-24 TOT-14 |                   189 |                                | UP, Delhi & Odisha |                                            7701 | 15968                       |

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| TOT-16      | 2024-25   |   252 | Hyderabad Nagpur Section                        |   6661 |   6661 |
|-------------|-----------|-------|-------------------------------------------------|--------|--------|
| TOT-17      | 2025-26   |   366 | Lucknow- Ayodhya- Gorakhpur - Sultanpur Stretch |   9270 |   9270 |
| Total -- -> |           |  2930 |                                                 |  58265 |  58265 |

Note: TOT-2,6,8,10 got failed. TOT-15 was closed on expiry of bid validity

- B. Receipts under InvIT:

| InvIT Rounds   | Financial Year (FY)   |   Length in KM. | State                                     | Concession value Rs. In cr.   |
|----------------|-----------------------|-----------------|-------------------------------------------|-------------------------------|
| Round 1        | 2021-22               |             389 | Karnatka, Gujarat, Rajsthan & Telangana   | 7,350                         |
| Round 2        | 2022-23               |             246 | MP, UP & Maharasthra                      | 2,850                         |
| Round 3        | 2023-24               |             889 | WB, UP, MP, Assam, MP & Karnatka          | 15,700                        |
| Round 4*       | 2024-25               |             754 | 11 Road Assets (listed below for 2024-25) | 17,738*                       |
| TOTAL          |                       |            2278 |                                           | 43,638                        |

Note: *  Receipts deposited in CFI in FY 2025-26

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