TVS Infrastructure Trust Raises ₹830 Cr in Landmark 20-Year NCD Issue, NaBFID Anchors

By Admin

20 Jan, 2026

Introduction
India’s infrastructure financing landscape marked a significant milestone as TVS Infrastructure Trust successfully raised ₹830 crore through a long-tenor debt issuance. The transaction reinforces growing institutional confidence in infrastructure-focused InvITs and highlights the sector’s role in supporting India’s long-term economic growth.

Details of the NCD Issuance
TVS Infrastructure Trust, an Infrastructure Investment Trust sponsored by TVS Industrial & Logistics Parks, raised the amount under Tranche I of its ₹1,100 crore non-convertible debenture programme. The NCDs carry a 20-year tenor, maturing in 2046, making this one of the longest-tenor debt issuances in India’s industrial and warehousing InvIT segment.
The debentures offer a coupon rate of 7.42% and have been rated AAA by ICRA, reflecting the strong credit quality of the platform and its underlying assets.

NaBFID’s Role as Anchor Investor
The National Bank for Financing Infrastructure and Development, NaBFID, acted as the anchor investor for the issuance. Its participation underscores robust institutional faith in the InvIT’s governance, asset quality, and long-term cash flow visibility.
TVS Infrastructure Trust has also indicated that the remaining ₹270 crore under Tranche II will be raised based on prevailing market conditions and strategic requirements.

Leadership Perspective and Long-Term Vision
Commenting on the issuance, Ravi Swaminathan, Founder and Vice Chairman of TVS ILP, stated that the long-tenor fundraise reflects the group’s commitment to creating durable and future-ready industrial infrastructure. He also aligned the initiative with India’s long-term development priorities and the India@100 vision.

Growth Strategy and Portfolio Expansion
According to Nitin Aggarwal, CEO of TVS Infrastructure Trust, the InvIT plans to expand its portfolio to 20 million square feet. The strategy emphasizes emerging Tier 2 and Tier 3 markets, supported by high-quality industrial and warehousing assets. These assets are leased to a diversified tenant base spanning manufacturing, e-commerce, FMCG, and FMCD sectors, ensuring stable and predictable income streams.

Strong Institutional Backing
TVS Infrastructure Trust is supported by more than 150 investors, including global and domestic institutions such as IFC, L&T, family offices, and other leading institutional investors. This diverse investor base further strengthens the InvIT’s financial resilience and growth potential.

Conclusion
The ₹830 crore, 20-year NCD issuance by TVS Infrastructure Trust stands out as a landmark transaction in India’s infrastructure and warehousing space. With strong institutional participation, a clear long-term growth roadmap, and a focus on emerging markets, the InvIT is well-positioned to contribute meaningfully to India’s evolving industrial infrastructure ecosystem.