Shrem group, a Mumbai-based road, and infrastructure operator, is raising Rs 600 crore through an infrastructure investment trust (InvIT) comprising 24 operational road projects with an enterprise value of Rs 7,000 crore, a senior executive told Mint in an interaction. This will be the first InvIT offering with hybrid annuity model (HAM) road projects. Government annuity payments will comprise 85 per cent of the InvIT’s revenues and the remaining 15 per cent will come from toll collection. Shrem had acquired a portfolio of 24 projects from Dilip Buildcon Ltd in 2017 and 2018. These 24 road projects totaling 6,442.35 lane kilometers are spread across Maharashtra, Madhya Pradesh, Gujarat, Uttar Pradesh, and Karnataka.

“We are targeting Indian institutions, high net-worth individuals and family offices for the fundraise,” said Nitan Chhatwal, founder of Shrem group.