About Us

Growing
roadsconnectionspartnerships

that stand the test of time

Highways Infrastructure Trust registered with SEBI in December 2021. By then, our portfolio already had a rich operational history of 11 years, making us one of the most established roads and highways InvITs in the country. Over the years, our portfolio has been expanding steadily and it now extends to 15 assets, spanning around 3580 lane kilometres across nine states in India.

We’ve reached this milestone through the collective efforts of a team that perseveres relentlessly for operational excellence. We partner with the best to ensure our roads run smoothly and deliver value for everyone involved – investors, local communities, and the country at large. Our vision has always been to drive consistent growth for the country’s road and highway infrastructure, as well as our investors.

Investors

HIT has the support of a diverse group of investors including leading global investment group Kohlberg Kravis Roberts (KKR), known for investments in every asset class around the world, and Ontario Teachers’ Pension Plan, one of the largest pension plans in the world.

Management

Our success over the years has been driven by the collective, consistent efforts of a diverse team united in the pursuit of excellence.

Board of Directors

Mr. Hardik Bhadrik Shah

Non-Executive Director

Mr. Hardik Bhadrik Shah

Non-Executive Director

Mr. Shah is a Partner on the Asia-Pacific Infrastructure team at KKR, responsible for infrastructure investments in South Asia. He has more than 15 years of experience in managing investment assets in infrastructure sectors such as telecom towers, toll roads, airports, energy transportation, and renewable energy.

Mr. Shah began his career at Macquarie Group in Sydney. He spent over 10 years across their Sydney and Mumbai offices, and played a key role in building their infrastructure business in India. More recently, he led Brookfield’s India business, and was responsible for building Brookfield’s team and presence.

A CFA Charter holder, Mr. Shah completed his post-graduate studies at S.P. Jain Institute of Management & Research, Mumbai.

Ms. Ami Momaya

Non-Executive Director

Ms. Ami Momaya

Non-Executive Director

Ms. Momaya is a Non-Executive Director on the Board of HIT’s Investment Manager, Highway Concessions One. She is a senior member of KKR’s Asia-Pacific Infrastructure team, responsible for infrastructure investments in India. She has more than 17 years of experience in managing investment assets in infrastructure sectors such as transportation, logistics, and renewable energy.

She built her career at Morgan Stanley, working out of their India and New York offices. Ms. Momaya was instrumental in building their India infrastructure business. At Morgan Stanley’s Infrastructure Fund, she led transactions in transportation, logistics, and renewable energy. At the Investment Banking Division in New York, her focus had been buyouts, M&A, IPOs, and financing.

Ms. Momaya has a B.Com. degree from Mumbai University and a postgraduate degree from Narsee Monjee Institute of Management Studies, Mumbai

Mr. Gaurav Chandna

Executive Director and Joint CEO

Mr. Gaurav Chandna

Executive Director and Joint CEO

Mr. Chandna is an Additional Executive Director on the Board of the Investment Manager, Highway Concessions One. He was instrumental in the establishment of HIT as an InvIT. In his previous role as the Head of Strategic Finance, overseeing critical functions such as M&A, fundraising, investor relations, and FP&A, he explored the strategic levers that HIT can pull to drive growth. With this knowledge, he has fostered 4x growth in assets under management in just two years.

Mr. Chandna’s skills have been honed over 18 years of experience in infrastructure, finance, logistics, and industrial sectors – with significant tenures in the Corporate Finance Group at Piramal Capital, and the investment banking unit of IDFC Capital.

His academic qualifications include a B.Tech. in Civil Engineering from the Indian Institute of Technology, Varanasi, and an MBA from the Faculty of Management Studies, Delhi.

Dr. Zafar Khan

Executive Director and Joint CEO

Dr. Zafar Khan

Executive Director and Joint CEO

Dr. Khan, as Joint CEO responsible for company management and strategy, has been instrumental in shaping the vision, goals, policies, and culture of HIT.

He is committed to driving sustainable growth into the operations of HIT. He has been a champion for excellence in ESG practices, maintaining the highest standards of ethics and safety management, and ensuring responsible and sustainable operations.

Dr. Khan works closely with government bodies to advocate for industry-friendly regulations and infrastructure development initiatives, fostering a business environment conducive to growth and innovation. His 22-year career in the infrastructure sector has included key roles at renowned organisations such as Peak Infrastructure (a Brookfield company), G4S PLC, Leighton India, HCC, and NCC.

Besides an MBA from Deakin University, Australia, Dr. Khan holds a Master’s degree in Environmental Science, a doctorate in Air Pollution, and a NEBOSH Diploma in Occupational Safety.

Ms. Sudha Krishnan

Independent Director

Ms. Sudha Krishnan

Independent Director

Ms. Krishnan is an Independent Non-Executive Director on the Board of the Investment Manager. She also serves as an Independent Director on the boards of several other companies, including a few financial companies.

She has around four decades of experience in public policy and finance. She began her career in the Indian Audit and Accounts Service (IAAS) in 1983. Since then, she has handled a variety of prestigious roles. She has worked on secondment at the Ministry of Finance, handling diverse portfolios, including World Bank projects. She has also served as a financial advisor to the Ministry of Urban Development.

At the Comptroller and Auditor General’s office, she was Principal Director (International Relations), responsible for advising and implementing the CAG’s international obligations.

Ms. Krishnan holds a Master’s degree in Public Administration from George Mason University, Virginia, USA, and a Master’s and Bachelor’s (Honours) degree in English Literature from Delhi University.

Mr. Manish Agarwal

Independent Director

Mr. Manish Agarwal

Independent Director

Mr. Agarwal is an Independent Non-Executive Director on the Board of the Investment Manager. An infrastructure thought leader, he regularly shares insights on public policy through articles and discussion papers on AskHowIndia.org, a platform he co-founded. He also teaches infrastructure policy and project finance at IIM Kozhikode, IIMC, and BITSoM.

Mr. Agarwal has led several sector-shaping engagements across energy, transport, and urban infrastructure sectors. For over 25 years, he has been advising developers, financiers, governments, and regulators on enabling private sector infrastructure investment, starting with CRISIL. He has been the infrastructure sector leader at KPMG and PwC, and represented India on PwC’s Global Capital Projects and Infrastructure Network.

An alumnus of BITS Pilani and IIM Calcutta, Mr. Agarwal has attended training programmes at ISB, Harvard University and INSEAD.

Mr. Rajesh Kumar Pandey

Independent Director

Mr. Rajesh Kumar Pandey

Independent Director

Mr. Pandey is an Independent Non-Executive Director on the Board of the Investment Manager. He has extensive experience in various facets of highway engineering. He is an active member of the Indian Roads Congress, a fellow member of the Institute of Engineers, Vice President of IRF, and a member of ING-IABSE.

Mr. Pandey started at the Ministry of Road Transport & Highways in 1986 as AEE, and retired as ADG. As Deputy Secretary (Finance) in the Department of Supply, he acquired experience in procurement, establishment, preparation of budget, and control of expenditure.

Mr. Pandey has served as a Member of NHAI for more than 7 years, where he has dealt with project preparations, approvals, contracts implementations, conciliation, and procurement of contracts.

A Civil Engineering graduate from Government Engineering College, Jabalpur (1983), Mr. Pandey also has a post-graduate degree from Maulana Azad College of Technology, Bhopal.

Mr. Janakiraman Subramanian

Independent Director

Mr. Janakiraman Subramanian

Independent Director

Mr. Subramanian is an Independent Non-Executive Director on the Board of the Investment Manager. He has strong credentials in business development and PPP-related matters.

He has over 30 years of experience in road and airport infrastructure, including around 20 years with the Airports Authority of India and the Government, as a key member on major airport privatisation programmes. He was associated with IDPL (L&T group company) in setting up the InvIT platform, credited with monetising 5 road assets and acquiring 8 more. In 2018, he was appointed CEO of the L&T-sponsored InvIT, with Canadian and German funds as major investors.

Mr. Subramanian holds a Bachelor’s degree in Commerce from Delhi University. He is an Associate Member of ICMAI and a certified Independent Director of the Indian Institute of Corporate Affairs.

Mr. Soma Sankara Prasad

Independent Director

Mr. Soma Sankara Prasad

Independent Director

Mr. Prasad is an Additional Independent Director on the Board of the Investment Manager. He has extensive experience in the banking sector, both nationally and internationally. Throughout his career, he has adeptly managed relationships with various stakeholders, including regulators, shareholders, customers, employees, and society at large.

In his 38-year career, he has been MD & CEO of UCO Bank, successfully transforming the bank’s fortunes, and held key positions at State Bank of India (SBI), including Deputy Managing Director and Group Compliance Officer. His tenure at SBI spanned the areas of retail banking, treasury operations, corporate credit, international banking, and regulatory compliance. He also served as MD & CEO of SBI Pension Funds Pvt. Ltd., CFO of SBI General Insurance Company Ltd., Manager (Credit and Operations) of SBI Paris, and Country Head of SBI Singapore operations.

Mr. Prasad holds a Master of Commerce degree from Osmania University, India.

Leadership Team

Mr. Gaurav Chandna

Executive Director and Joint CEO

Mr. Gaurav Chandna

Executive Director and Joint CEO

Mr. Chandna has been instrumental in the establishment of HIT as an InvIT. His vision for the Trust is to ensure sustained growth and long-term value creation through innovation and stakeholder engagement. In his previous role as the Head of Strategic Finance, overseeing critical functions such as M&A, fundraising, investor relations, and FP&A, he explored the strategic levers that HIT can pull to drive growth. With this knowledge, he has fostered 4x growth in assets under management in just two years.

Mr. Chandna’s skills have been honed over 18 years of experience in infrastructure, finance, logistics, and industrial sectors – with significant tenures in the Corporate Finance Group at Piramal Capital, and the investment banking unit of IDFC Capital.

His academic qualifications include a B. Tech. in Civil Engineering from Indian Institute of Technology, Varanasi, and an MBA from Faculty of Management Studies, Delhi.

Dr. Zafar Khan

Executive Director and Joint CEO

Dr. Zafar Khan

Executive Director and Joint CEO

As Joint CEO, responsible for company management and strategy, Dr. Khan has been instrumental in shaping the vision, goals, policies, and culture of HIT. He is committed to driving sustainable growth, and maximum returns for investors, while integrating technological innovations into the operations of HIT. He has been a champion for excellence in ESG practices, maintaining the highest standards of ethics and safety management, and ensuring responsible and sustainable operations.

Dr. Khan works closely with government bodies to advocate for industry-friendly regulations and infrastructure development initiatives, fostering a business environment conducive to growth and innovation. His 22-year career in the infrastructure sector has included key roles at renowned organisations such as Peak Infrastructure (a Brookfield company), G4S PLC, Leighton India, HCC, and NCC.

Besides an MBA from Deakin University, Australia, Dr. Khan holds a Master’s degree in Environmental Science, a doctorate in Air Pollution, and a NEBOSH Diploma in Occupational Safety.

Mr. Abhishek Chhajer

Chief Financial Officer

Mr. Abhishek Chhajer

Chief Financial Officer

Mr. Chhajer oversees business growth, corporate governance, stakeholder management, and financial stability at HIT. He’s a strong advocate for leveraging automation to enhance efficiency, scalability, and prepare the finance team for future expansion. His project management skills are evident in the seamless integration of six new SPVs in a short timeframe.

Mr. Chhajer brings over 18 years of experience in finance and strategy to HIT. Prior to this, he served as CFO at Mumbai International Airport Limited (Adani Group) and held the distinction of being the youngest Deputy CFO and CCO in Vedanta Group’s steel division. Throughout his career, he has tackled challenges like business growth, turnarounds, large-scale debt transactions, M&A, governance, and reporting & compliance.

A Chartered Accountant certified by ICAI, Mr. Chhajer also holds a B.Com. (Honours) degree.

Ms. Meghana Singh

General Counsel

Ms. Meghana Singh

General Counsel

Ms. Singh leads and manages all legal and compliance matters across HIT and its assets. As General Counsel, she played a pivotal role in conceptualising and establishing HIT as an InvIT. Ms. Singh is also responsible for the legal aspects of M&A, and fund-raising for HIT, together with managing all regulatory aspects (including those relating to SEBI InvIT Regulations).

She has over 19 years of experience spanning diverse sectors and jurisdictions. Her previous experiences include a recent stint in KKR’s renewable energy InvIT, Virescent, where she completed listing of the platform as an InvIT, and the issuance of corporate bonds. Ms. Singh also served as Group General Counsel of IL&FS Group, navigating the complex government-led debt resolution process.

A graduate of the National Law Institute University, Bhopal, with a B.A., LL.B. (Honours) degree, Ms. Singh has been part of the HIT leadership team since 2022.

Our Structure

Trust

Highways Infrastructure Trust (the Trust) is an Infrastructure Investment Trust (InvIT), established under Indian Trusts Act, 1882, with the objective of undertaking investment activities as an InvIT. The Trust was registered as an InvIT under SEBI InvIT Regulations on December 23, 2021, having registration number IN/InvIT/21-22/0019.

Sponsor

Galaxy Investments II Pte. Ltd. is the Sponsor of the Highways Infrastructure Trust. The Sponsor was incorporated on June 11, 2021, in Singapore with registration number 202120533M.

The Sponsor is a 100% subsidiary of Galaxy Investments Pte. Ltd., which is majority owned and controlled by KKR Asia Pacific Infrastructure Holdings Pte. Ltd. The Sponsor is affiliated with funds, vehicles and/or entities managed and/or advised by affiliates of KKR & Co. Inc. (together with its subsidiaries, “KKR”).

Investment Manager

Highway Concessions One Private Limited (“Investment Manager”) is the Investment Manager of the Highways Infrastructure Trust with effect from November 22, 2022. The Investment Manager was incorporated in India as a private limited company on September 23, 2010, under the Companies Act, 1956, with corporate identification number U45200MH2010PTC208056. The Investment Manager’s registered office and address for correspondence is Unit 601-602, 6th floor, Windsor House, Off CST Road, Kalina, Santacruz (E), Mumbai 400 098, Maharashtra, India.

As per the provisions of the Investment Management Agreement, the Investment Manager is empowered to:

  • Take all decisions in relation to the management and administration of the Trust’s assets and the investments of the Trust
  • Oversee the activities of the Project Manager in terms of the InvIT Regulations and applicable Laws
  • Issue and allot units, accept subscriptions to Units of the Trust, and issue, transfer units to Unitholders or such other persons and undertake all related activities
  • Focussed teams engaged in asset management, M&A, capital raising, compliance, engineering and finance & accounting etc.

Project Manager

HC One Project Manager Private Limited (“Project Manager”) is the Project Manager of the Highways Infrastructure Trust appointed pursuant to the project management agreement entered into amongst the Project Manager, the Trustee and the Investment Manager. The Project Manager was incorporated as a private limited company in India on September 20, 2022 under the provisions of the Companies Act, 2013, with the corporate identification number U74140MH2022PTC390762. The Project Manager’s registered office and address for correspondence is Unit 601-602, 6th floor, Windsor House, Off CST Road, Kalina, Santacruz (E), Mumbai 400 098, Maharashtra, India.

As per the provisions of the Project Management Agreement, the Project Manager is empowered to:

  • Exercise diligence and vigilance in carrying out its duties and protecting the commercial interests of the Project SPVs
  • Comply with the InvIT Regulations and take all actions as may be required to be taken in accordance with the InvIT Regulations as applicable to the Project Manager
  • Keep the Investment Manager informed on all matters which have or may have a material bearing on the operations of the Project SPVs
  • Where required, liaison with governmental agencies in respect of its obligations under this Project Management Agreement as applicable to the Project Manager
  • Take all reasonable steps to mitigate the risks which may be encountered by the Highways Trust in respect of the Project SPVs
  • Ensure compliance with applicable laws by the Project SPVs etc.

Trustee

Axis Trustee Services Limited is the Trustee of the Highways Infrastructure Trust. The Trustee is a registered intermediary with SEBI under the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, as a debenture trustee since January 31, 2014, having registration number IND000000494. The Trustee’s registered office is Axis House, Bombay Dyeing Mills Compound, Pandhurang Budhkar Marg, Worli Mumbai 400 025, Maharashtra, India. The Trustee’s address for correspondence is The Ruby, 2nd Floor, SW, 29 Senapati Bapat Marg, Dadar West, Mumbai 400 028, Maharashtra, India.

The Trustee is a trusteeship company which has been registered with SEBI as a Debenture Trustee and has been promoted by Axis Bank Limited for providing corporate and other trusteeship services. The Trustee is a wholly-owned subsidiary of Axis Bank Limited. The Trustee also acts as a security trustee and is involved in providing services in relation to security creation, compliance and holding security on behalf of lenders. The Trustee is also authorised to provide services such as: (i) a facility agent for complex structured transactions; (ii) an escrow agent; (iii) a trustee to alternative investment funds and venture capital funds; (iv) custodian of documents as a safe-keeper; and (v) a trustee to real estate investment trust, etc.

Careers

We foster a people-first culture, distinguished by inclusiveness, collaboration and support. It entails ensuring that all employees feel heard, valued and empowered at work.

We take our commitment to developing our human capital one step further by investing in the growth of our people. Our engagement initiatives extend beyond our employees to their families as well, generating a sense of belonging and responsibility towards the organisation. Our certification as a Great Place to Work was a reflection of this ethos.

If you would like to explore opportunities to join the HIT family, do write in to careers@highwayconcessions.com

Careers