New Delhi, Sept. 7 -- India's infrastructure investment trusts (InvITs) will soon no longer be only about roads and telecom. Targeting more than Rs.20 lakh crore in assets by 2030, they are set for a sharp expansion with power, shipping, logistics, data centres, ports and railways emerging as the next big pool of assets, according to N.S. Venkatesh, chief executive officer (CEO) of the Bharat InvITs Association, an industry lobby group. The near-tripling of the current asset base of about Rs.7.3 lakh crore will be driven by a growing pipeline of operational infrastructure assets and the need among developers and governments to recycle capital into new projects, Venkatesh said in an interview. The expansion will mark a significant evolution for a market that has so far been dominated by roads and telecom. Roads and highways currently account for about 40% of the InvIT asset base, but their share could fall to 30-35% as newer sectors enter the market. "Every year, you will actually see at least one sector getting added," Venkatesh said. The shift reflects a broader change in the way infrastructure assets are financed in India. InvITs allow developers to transfer operational, cash-generating assets into a separate investment vehicle, unlock capital and deploy the proceeds into fresh projects. For investors, the model provides access to mature infrastructure assets with relatively predictable cash flows. The distinction between operational and greenfield assets is particularly important. New infrastructure projects carry risks related to land acquisition, right of way, approvals and construction. Operational assets have an established revenue history that make them more suitable for an investment structure designed to provide regular distributions to investors. Power transmission and generation could become important additions to the InvIT universe, while warehouses, logistics parks and data centres are emerging as potential asset classes, Venkatesh said. The rapid growth of digital infrastructure and the need for energy-storage capacity could further widen the pipeline, he added. Shipping presents another potentially large opportunity. Ships are capable of generating identifiable revenue and could, subject to the appropriate structure, be owned through an InvIT, while a separate operator deploys them for cargo or passenger movement. Revenue from operations could then support distributions to investors. The Bharat InvIT Association is working on standardized frameworks for such structures, Venkatesh said. Ports could be monetized, particularly through operational terminals rather than entire port assets. Warehouses and logistics facilities could be pooled once they become operational and generate stable cash flows....