New Delhi, May 14 -- Anantam Highways Trust, an infrastructure investment trust (InvIT) created by asset management firm Alpha Alternatives and road developer Dilip Buildcon Ltd, is set to substantially grow its portfolio by acquiring seven special purpose vehicles that hold concessions from the state-owned National Highways Authority of India (NHAI).
The proposed transaction involves Anantam acquiring stakes in the seven SPVs from Dilip Buildcon, one of its subsidiaries and an infrastructure fund managed by Alpha Alternatives, regulatory filings show. The InvIT will issue units to Dilip Buildcon, its subsidiary DBL Infraventures Pvt Ltd and Build India Infrastructure Fund to buy the assets.
These SPVs are: DAK Package I Expressway Pvt Ltd, Bethamangala Expressway Pvt Ltd, Katra Expressway Pvt Ltd, Raipur-Visakhapatnam-CG-2 Highways Ltd, Bangarupalem Gudipala Highways Ltd, Poondiyankuppam Highways Ltd, and Mehgama-Hansdiha Highways Ltd. The assets span key corridors, including sections of the Delhi-Amritsar-Katra expressway, the Bengaluru-Chennai expressway, the Raipur-Visakhapatnam economic corridor, the Poondiyankuppam highway in Tamil Nadu, and the Mehgama-Hansdiha highway in Jharkhand.
These projects, like the InvIT's existing portfolio of seven projects, primarily follow the hybrid annuity model (HAM), providing predictable cash flows via semi-annual annuity payments, interest, and operational and maintenance reimbursements from the NHAI.
The InvIT was set up in July 2024 and listed on stock exchanges in October 2025. At the time, Dilip Buildcon owned 74% of the InvIT's units while Alpha Alts owned 24%. The unitholding pattern has since changed.
At listing, the InvIT acquired an initial portfolio of seven operational HAM projects - Bangalore Malur Highways Ltd, Dhrol Bhadra Highways Ltd, Dodaballapur Hoskote Highways Ltd, Malur Bangarpet Highways Ltd, Narenpur Purnea Highways Ltd, Repallewada Highways Ltd, and Viluppuram Highways Ltd - covering around 273 km (over 1,068 lane km) across multiple states. These assets were transferred from the Dilip Buildcon group for about Rs 905 crore, in lieu of the InvIT's units.
The seven projects acquired at the time of listing and the additional seven being acquired now are part of the 18 HAM projects that Dilip Buildcon agreed in November 2023 to transfer to the InvIT in phases. Dilip Buildcon has also transferred part of its stake in the remaining four projects to the InvIT over the past few months, the filings show.
Apart from Anantam, Dilip Buildcon has also flipped 10 other HAM projects to Shrem InvIT, an unlisted infrastructure investment trust it sponsors, for an estimated Rs 2,349 crore.
For Dilip Buildcon, a Bhopal-based engineering, procurement and construction company and O&M contractor, these transactions have helped to strengthen its balance sheet and recycle capital into new projects.
For Anantam, the new assets will increase scale, improve geographic diversification, and expand its base of stable, revenue-generating assets. The InvIT has delivered steady performance since listing. In the quarter ended December 2025, it reported consolidated revenue of Rs 123.8 crore and EBITDA of Rs 105.6 crore.
Published by HT Digital Content Services with permission from VC Circle.