Investors may soon own a share of Bandra-Worli Sea Link’s toll revenue

The proposed trust will monetise toll revenue from the 5.6-km bridge and other infrastructure assets, with a potential stock market listing next year.

Retail investors with demat accounts may soon be able to invest in the toll revenue generated by Bandra-Worli Sea Link, officially known as the Rajiv Gandhi Sea Link.

The Sea Link, inaugurated in 2009 at a cost of ₹1,653.25 crore, is expected to be valued at just over ₹5,000 crore for inclusion in the trust. (AFP)

The Maharashtra government plans to launch its first Infrastructure Investment Trust (InvIT), called Maha-InvIT, which is likely to be listed on stock exchanges next year. The 5.6-km Sea Link, managed by the Maharashtra State Road Development Corporation (MSRDC), will be among its first assets.

Three state officials told Hindustan Times that the trust will also include selected operational roads, bridges and industrial infrastructure managed by the Public Works Department (PWD), MSRDC and Maharashtra Industrial Development Corporation (MIDC).

What is an InvIT and how can retail investors participate?

Importantly, the government is not transferring ownership of the Sea Link itself. Instead, the trust will receive the rights to its toll collections and related operational revenue, while the physical bridge will remain a public infrastructure asset under government oversight.

The Sea Link is expected to be valued at just over ₹5,000 crore. Independent SEBI-registered valuers appointed by MSRDC and the sponsor will assess its value based on projected future cash flows, primarily toll collections, and analysis by financial advisers.

Government appoints sponsor to set up Maha-InvIT

To set up the trust, the state has established Maha-InvIT Sponsor Corporation Limited as its government-backed sponsor. MSRDC and the sponsor have issued requests for proposals to appoint the independent valuers to assess the initial bundle of road and bridge projects.

The other assets will be selected based on their ability to generate steady revenue through traffic and toll collections. The Mumbai-Nagpur Samruddhi Expressway may also be added later, once its revenue stabilises.

The Bandra-Worli Sea Link was inaugurated on June 30, 2009, at a cost of ₹1,653.25 crore.

In April 2025, the Maharashtra Cabinet approved the creation of Maha-InvIT to raise funds for infrastructure development and accelerate projects across the state.

Through the trust, the government aims to unlock the value of existing infrastructure assets and use the money raised to fund new roads, bridges and other projects.

Similar models already operate in India. The National Highways Authority of India’s (NHAI) National Highways Infra Trust (NHIT) and private player IRB InvIT are examples of investment trusts that hold highway and toll-road assets and distribute their earnings to investors. IRB InvIT’s assets are spread across Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu, Punjab, Haryana and Uttar Pradesh.

What does co-owning the Sea Link mean?

- What are you buying? Units in Maha-InvIT, which holds the rights to collect toll revenue from the Bandra-Worli Sea Link and other selected infrastructure assets.

- Who can invest? Retail investors with a demat and trading account can buy the trust’s units once it is listed on the stock exchanges.

- What rights do you get? You get a share in the income generated by the trust’s assets and returns distributed to unit holders. You do not get ownership of the physical bridge or any say in its day-to-day operations.

- What does the government get? Money from monetising the future revenue streams of existing infrastructure assets, which can be used to fund new roads, bridges and other projects.

- Who maintains the Sea Link? The physical bridge remains a public asset under government oversight, with its existing management and operational arrangements continuing.