A successful capital market transaction begins well before the offering process. NorthAxis works with promoters and leadership teams to strengthen financial information, governance, business positioning and organisational readiness.
Identify gaps across finance, governance, reporting, management information and organisational preparedness before a proposed market transaction.
Strengthen financial models, business plans, performance narratives and management information required for institutional review.
Help management articulate the business, its performance drivers, risks and future direction clearly and responsibly.
Review reporting structures, management accountability, internal decision processes and governance practices required for greater institutional scrutiny.
Infrastructure Investment Trusts, commonly known as InvITs, provide a regulated structure through which infrastructure assets can be brought together, financed and held for institutional or public market participation.
For sponsors, the decision to create or access an InvIT is not simply a capital raising exercise. It requires alignment between the underlying assets, cash flows, debt, governance, operating performance and the expectations of institutional investors. That is where readiness becomes critical.
A structured route for infrastructure sponsors to monetise operating assets and redeploy capital towards new development opportunities.
Access to institutional and, where applicable, public market capital through a regulated investment platform.
The ability to bring multiple eligible infrastructure assets within a common investment platform, subject to the applicable regulatory framework and transaction structure.
Defined governance, reporting, valuation, disclosure and stakeholder responsibilities that create a more institutional operating environment.
A structure designed around distributable cash flows from operating infrastructure assets, subject to the applicable SEBI framework and transaction documents.
An InvIT brings together several clearly defined participants. The exact legal and transaction structure will depend on the applicable regulations, asset portfolio and offering route.
The party establishing or sponsoring the InvIT and contributing eligible infrastructure assets.
Responsible for managing the InvIT and implementing investment and operating decisions within the regulatory framework.
Provides independent oversight in accordance with the InvIT Regulations.
Responsible for operation and management of the underlying infrastructure projects, where applicable.
Infrastructure assets may be held through holding companies and special purpose vehicles depending on the structure.
Investors who hold units in the InvIT and participate economically in the underlying platform.
NorthAxis can support sponsors and infrastructure businesses across the strategic and organisational work required to evaluate and prepare an InvIT opportunity.
Regulated activities are undertaken by the appropriately registered or authorised intermediaries appointed to the transaction.
The InvIT capability of NorthAxis is informed by the prior professional experience of Manish Satnaliwala, Founder and Managing Director, across infrastructure finance, asset monetisation, institutional capital and InvIT platforms.
InvIT Platform, 2019. Leadership experience includes the launch and institutionalisation of Oriental InfraTrust, with Manish Satnaliwala publicly identified as instrumental in the platform.
Infrastructure Investment Platform. Professional experience also includes association with the Roadstar infrastructure investment trust platform.
₹1,578 Crore Public InvIT Issue, January 2025. As Chief Executive Officer of Capital Infra Trust during its public market transaction, Manish was part of the leadership of a ₹1,578 crore public InvIT issue involving a diversified portfolio of operating road assets.
Asset aggregation, Debt and capital structuring, Institutional investor readiness, Governance architecture, Financial reporting, Portfolio positioning, Public market preparation, Asset acquisition strategy, Ongoing capital management.
The experience described above relates to professional roles undertaken by members of the NorthAxis leadership team before or outside specific NorthAxis mandates, where applicable.
For the right sponsor, the larger opportunity may not be the monetisation of one portfolio. It may be the creation of an institutional platform capable of aggregating infrastructure assets, accessing capital, maintaining governance discipline and supporting future portfolio growth.
That requires thinking beyond the transaction itself. It requires the asset, capital structure, governance and operating model to work together.
Regulatory framework last reviewed: September 2026.
Whether you are considering asset monetisation, a new InvIT platform, institutional capital, a private to public transition or wider capital market readiness, begin with an assessment of the underlying assets and business structure.