Vertis, formerly Highways Infrastructure Trust, is a SEBI-regulated InvIT managing high-performing road assets
across India. Built on governance, impact, and long-term value, we’re driven by purpose, always pursuing what’s next.

The Vertis Identity

Vertis Brand Story

The Vertis Overview

A diversified portfolio of 28 assets (26 SPVs) across 10 states.

Lane Kms
0 (1)
Traffic CAGR
(FY19-25)
0 %(1&2)
Distribution Till Date (INR Per Unit)
0 (3)
AUM
0 bn(4)
AUM Mix (Toll: Annuity)
69:31 (4)
Centre vs State AUM
87:13 (4)
Net Debt/ AUM
0 %(5)
Residual Concession Life
0 Years(6)
Balance Annuities Receivable
0 bn

(1) Includes BN – Toll asset acquired during Jul 25.
(2) Portfolio-level traffic growth is AUM weighted. Excludes BETPL and UEPL, which have low residual life, and NTEPL is not included due to a lack of firsthand data.
(3) Includes distribution announced for FY26Q1.
(4) AUM reported as on Jun 30, 2025, including cash & cash equivalents.
(5) Following the acquisition of BN and one pipeline SPV (part of the PNC 12-asset transaction), Net Debt/AUM is expected to be ~42%.
(6) Weighted by AUM.

The Vertis
Investors

Our strength lies in the strength of our partnerships.

Vertis is backed by marquee investors – Kohlberg Kravis Roberts (KKR) and the Ontario Teachers’ Pension Plan – who bring global vision, financial resilience, and a shared belief in long-term infrastructure as a pillar of national growth.

KKR’s investment philosophy emphasises innovation and long-term value creation, making them an ideal partner for Vertis. Their expertise in strategic investments helps us drive our mission forward, ensuring we remain at the forefront of the industry while delivering measurable results.

As one of the largest pension plans globally, the Ontario Teachers’ Pension Plan provides invaluable support to Vertis. Their investment strategy focuses on long-term stability, aligning perfectly with our commitment to sustainable infrastructure development.

The Vertis Leadership

At Vertis, our leadership team is a dynamic group of passionate individuals dedicated to steering the company toward a brighter future.

leadership-team

Leadership Team

Mr. Gaurav Chandna
Mr. Gaurav Chandna

Executive Director and Joint CEO – Investment Manager

Mr. Chandna has been instrumental in the establishment of Vertis 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 Vertis 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
Dr. Zafar Khan

Executive Director and Joint CEO – Investment Manager

As Joint CEO, responsible for company management and strategy, Dr. Khan has played a pivotal role in shaping the vision, goals, policies, and culture of Vertis. He is committed to driving sustainable growth and maximum returns for investors, while integrating technological innovations into the operations of Vertis. 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
Mr. Abhishek Chhajer

Chief Financial Officer – Investment Manager

Mr. Chhajer oversees business growth, corporate governance, stakeholder management, and financial stability at Vertis. 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 Vertis. Before 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
Ms. Meghana Singh

General Counsel – Investment Manager

Ms. Singh leads and manages all legal and compliance matters across Vertis and its assets. As General Counsel, she played a pivotal role in conceptualising and establishing Vertis as an InvIT. Ms. Singh is also responsible for the legal aspects of M&A, and fund-raising for Vertis, 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 the 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 Vertis leadership team since 2022.

Mr. G.V.M. Kiran Babu
Mr. G.V.M. Kiran Babu

Chief Operating Officer – Project Manager

Elevated to the COO position of Vertis Project Manager Private Limited w.e.f. April, 2025. As part of his new role, he leads O&M, contracts, revenue assurance and insurance functions. Associated with Vertis since 2016, he has played a key role in overseeing the end-to-end lifecycle of projects within the portfolio, ensuring adherence to governance and quality standards. He has 25 years of experience in construction, project development, project management, and O&M of highways and infrastructure projects. He holds an M.Tech. from IIT Madras and a B.Tech. (Civil) from NIT, Warangal.

Board of Directors

Mr. Hardik Bhadrik Shah
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.

Mr. Michael Nachaty
Mr. Michael Nachaty

Unitholder Nominee Director

Mr. Michael Nachaty is a Unitholder Nominee Director on the Board of the Investment Manager. Mr. Nachaty has done his Bachelor of Finance from Concordia University, and is a Chartered Financial Analyst (CFA) from CFA Institute.

Mr. Nachaty has been a private equity infrastructure investor for the past decade at two of Canada’s largest pension funds (Ontario Teachers’ Pension Plan and Public Sector Pension Investment Board (PSP)). He previously covered India at PSP and was involved in the road sector through Roadis (PSP portfolio company with 4 assets in India) and participated in numerous road asset sale processes, including Toll-Operate-Transfer. Mr. Nachaty is currently employed with Ontario Teachers’ Pension Plan as Director, Infrastructure & Natural Resources, and his main responsibilities include advising, investing, and managing private infrastructure companies, including toll roads.

Mr. Vaibhav Vaidya
Mr. Vaibhav Vaidya

Non-Executive Director

Mr. Vaidya is a seasoned finance professional with over 12 years of experience spanning investment management, financial advisory, and capital markets. He is currently a Director at KKR as part of their Asia Infrastructure Practice. He has spent more than seven years at KKR, where he has played a pivotal role in investment strategies, portfolio management, and high-impact financial decision-making across diverse sectors.

Earlier, he was a Senior Associate at JM Financial and started his career with Motilal Oswal Investment Advisors, contributing to M&A advisory, debt syndication, and private equity transactions.

With a foundation in Computer Engineering and a PGDM in Finance from the S.P. Jain Institute of Management & Research, Mr. Vaidya combines technical rigour with strategic insight to consistently drive sustainable value and organisational success.

Mr. Gaurav Chandna
Mr. Gaurav Chandna

Executive Director and Joint CEO

Mr. Chandna was instrumental in the establishment of Vertis 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 Vertis 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
Dr. Zafar Khan

Executive Director and Joint CEO

Dr. Khan is an Executive Director & Joint CEO, responsible for company management and strategy, has been instrumental in shaping the vision, goals, policies, and culture of Vertis.

He is committed to driving sustainable growth into the operations of Vertis. 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 NEROSH Diploma in Occupational Safety.

Ms. Sudha Krishnan
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
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
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
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
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.

The Vertis Framework

At Vertis, our organisational structure is designed to support our mission and ensure effective governance.

01Trust

Vertis is an Infrastructure Investment Trust (formerly Highways Infrastructure Trust) (InvIT), established under the 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.

Galaxy Investments II Pte. Ltd. is the Sponsor of the Vertis 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”).

Vertis Fund Advisors Private Limited (“Investment Manager”) (formerly Highway Concessions One Private Limited) is the Investment Manager of the Vertis 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.

Vertis Project Manager Private Limited (“Project Manager”) (formerly HC One Project Manager Private Limited) is the Project Manager of the Vertis 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.

  • 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 Vertis Infrastructure Trust in respect of the Project SPVs.
  • Ensure compliance with applicable laws by the Project SPVs etc.

Axis Trustee Services Limited is the Trustee of Vertis 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:

  1. a facility agent for complex structured transactions;
  2. an escrow agent;
  3. a trustee to alternative investment funds and venture capital funds;
  4. custodian of documents as a safe-keeper; and (v) a trustee to real estate investment trust, etc.
Philosophy

Break the mould in asset management and reimagine the bar at every level.

Our Way of Being:

Visionary

Someone who can dream big and think constructively about the future and embodies a sense of gravitas.

Grounded

Someone who remains humble and connected to reality with the lens of progress.

Relentless

Someone who persistently pushes the boundaries, never giving up on their hunger or passion that makes a big difference

Our North Star

Our North Star: Pursue the Next

We move beyond milestones, staying in motion towards the next challenge, the next solution, the next impact.

Our Beliefs
  1. Next is Now
  2. Innovate & Implement
  3. Solve with Passion
  4. Raise the Bar
  5. Safety. Sustainability. Always.
Logo Story

The Vertis logo is anchored by the Wheel of Momentum: a symbol of enduring progress. Inspired by the cogwheel, it reflects purposeful interdependence, where every spoke moves in harmony, driving collective forward motion. Each spoke embodies our pursuit of precision and impact.

The signature brand colour, Evolution Red, conveys strength, confidence, and our bold intent to lead with clarity.

Balancing this energy is the clean, lowercase wordmark, a quiet statement of humility, discipline, and focus. Together, it’s a mark of who we are: grounded visionaries in constant motion.

Name Significance

The name Vertis comes from verto, Latin for to change, to turn, to evolve. It reflects our mindset: always moving forward, always shaping what’s next.

Vertis is all about progress with purpose.

Background
Our evolution to Vertis Infrastructure Trust reflects a shift in perspective, ambition, and clarity. As India’s infrastructure investment landscape matures, we saw the need for a brand that doesn’t just represent what we manage, but how we think. Vertis signals our move from being an efficient InvIT to becoming a disciplined force in sustainable asset management, grounded in trust, and always in motion.