TVS Infrastructure Trust Sets New Benchmark with Rs 1,100 Crore NCD Programme

Mumbai:

Port Wings News Network:

TVS Infrastructure Trust, an Infrastructure Investment Trust (InvIT) sponsored by TVS Industrial & Logistics Parks (TVS ILP), has set multiple new benchmarks in India’s infrastructure financing landscape with the successful closure of Tranche I of its ₹1,100 crore Non-Convertible Debenture (NCD) programme.

In a first-of-its-kind transaction for the Industrial and Warehousing InvIT segment, the Trust raised in Tranche 1 : ₹830 crores through a 20-year, long-tenor bond issuance, anchored by the National Bank for Financing Infrastructure and Development (NaBFID). The transaction stands out as one of the longest-tenor, lowest-cost and institutionally anchored debt issuances in the sector to date.

Commenting on the milestone, Ravi Swaminathan, Founder and Vice Chairman, TVS ILP, said, “This long-tenor bond issuance, extending up to the year 2046, is among the first of its kind in India’s industrial infrastructure space. It reflects our conviction in building durable, future-ready assets that are aligned with the country’s long-term developmental priorities. The structure and maturity of this investment resonate strongly with the Prime Minister’s vision for strengthening India’s infrastructure foundation as the nation advances towards India@100. Internally, we view this as a ‘Viksit Bharat Bond’, supporting sustainable growth and nation-building over decades.”

Samuel Joseph Jebaraj, Deputy Managing Director – Lending & Project Finance, NaBFID, said, “This investment is aligned with NaBFID’s mandate to support institutionally governed infrastructure platforms that contribute meaningfully to India’s sustainable economic development. We are pleased to partner with TVS Infrastructure Trust, given the strength of its operating platform, governance standards, and long-term vision, backed by the enduring legacy of the TVS Group.”

This milestone issuance affirms TVS Infrastructure Trust as one of the earliest InvITs to successfully align long-duration institutional capital with enduring Industrial Infrastructure Assets, reinforcing its leadership in capital market innovation. The Tranche 2 fund raising of the balance ₹270 crores will be raised based on the market conditions and strategic requirements of the Invit.

Rated AAA by ICRA, the bonds reflect a rare convergence of superior credit quality, extended maturity and robust asset-backed cash flows—a combination achieved by very few Infrastructure platforms in India. The 20-year tenor underscores the Trust’s ability to command deep investor confidence while setting a new standard for duration in the Industrial Logistics space.

Nitin Aggarwal, Chief Executive Officer, TVS Infrastructure Trust, said, “The capital raised through this issuance will enable a meaningful reduction in the Trust’s cost of debt while supporting the next phase of growth. As we work towards expanding our portfolio to 20 million square feet, we remain focused on deepening our presence in emerging Tier 2 and Tier 3 markets. By adding high-quality assets leased to a diversified customer base across manufacturing, e-commerce, FMCG, and FMCD sectors, we aim to create enduring value for all stakeholders.”

Dr. Ramnath Subramaniam, Joint Managing Director, TVS ILP – the Sponsor Entity, said “With this transaction, TVS Infrastructure Trust has reshaped the contours of long-term infrastructure financing, establishing itself as a benchmark issuer and a reference point for future InvIT debt issuances in India”.

Backed by a broad and diversified shareholder base of over 150 investors—including leading global and domestic institutions, family offices, the International Finance Corporation (IFC), and L&T—TVS Infrastructure Trust continues to attract strong institutional support.

The successful completion of the transaction reinforces confidence in the Trust’s governance standards, operating platform, and long-term strategy, while underscoring the critical role of industrial and logistics infrastructure in supporting India’s manufacturing growth, supply-chain resilience, and economic expansion.