Long-tenor project finance for HAM, BOT and TOT road concessions, ports, airports and urban infrastructure. NHAI annuity-backed structures, multilateral co-financing, IIFCL anchor lending.
BIG LOANS arranges ₹100 crore-and-above project finance for Indian infrastructure — roads (NHAI HAM, BOT, TOT concessions), ports, airports, urban transport (metros, MMRDA, similar), and city infrastructure. Infrastructure project finance has the longest tenors in Indian debt — typically 18-22 years for road HAM, 15-20 for ports, matched to concession period. The lender universe is dominated by infrastructure NBFCs (IIFCL, REC, PFC), multilateral co-financiers (ADB, World Bank, AIIB), and selectively private banks for top-developer projects.
Infrastructure project finance has the longest tenor and most predictable cash flows of any Indian debt product. HAM (Hybrid Annuity Model) road concessions are particularly clean — 40% annuity from NHAI on COD, 60% from toll/balance annuity over 15-year operational period. Lenders price these tightly because counterparty (NHAI) is sovereign-equivalent.
Ports and airports follow similar long-tenor concession structures, with revenue mixes between regulated tariffs, traffic / cargo throughput, and ancillary income. IIFCL anchors most large infra project finance; multilateral co-financing with ADB, World Bank, AIIB layers on top with concessional pricing.
Common funding situations across Indian infrastructure.
Hybrid Annuity Model road concession. NHAI pays 40% during construction (5 tranches), 60% as annuity post-COD. Project finance ₹500-3,000 Cr.
Build-Operate-Transfer or Toll-Operate-Transfer. Revenue is toll-based; lender comfort needs traffic study. Higher risk than HAM.
Port construction, expansion, or capacity addition. Concession-based revenue mix with cargo throughput risk. ₹500-5,000 Cr.
Greenfield airport or major terminal expansion. Long-tenor concession. ₹1,000-10,000 Cr.
Metro lines, urban water, sewage, smart city infrastructure. Often involves state government counterparty plus multilateral co-financing.
Operational infra asset 2-3 years post-COD refinanced into longer-tenor cheaper debt. Major IRR booster for sponsor.
Infrastructure is dominated by project finance, with refinancing into NCDs / bonds at operational stage.
Infrastructure lending has a small specialist universe led by IIFCL, infrastructure NBFCs, and multilateral co-financiers.
India Infrastructure Finance Company — anchor lender for most large infrastructure project finance. Sovereign-backed, longest tenors.
REC, PFC (primarily power), Power Finance Corp, plus dedicated infrastructure NBFCs.
ADB, World Bank (IBRD/IDA), AIIB, JICA — concessional pricing, longer tenors, often layered with IIFCL or PSU bank debt.
SBI, BOB, Union Bank — participate in syndicates for large infra deals (₹1,000 Cr+).
HDFC, ICICI, Axis — selectively active for top-developer infra (L&T IDPL, GMR, IRB, Adani).
Increasingly active as operational asset acquirers — refinancing pipeline for sponsor IRR realisation.
Same 5-stage process for any large-ticket corporate debt mandate, applied to infrastructure specifics.
NDA, then a short call to understand the business model, key financial drivers, capital need. Sector-specific risk factors mapped early.
Optimal facility mix, tenor, security. Lender shortlist tuned to sector appetite — banks for vanilla, NBFCs / AIFs for specialty structures.
Sector-grade Information Memorandum, financial model, market analysis. Pitched to shortlisted lenders in parallel.
Multiple sanctions negotiated in parallel on pricing, covenants, security. Final lender(s) selected.
Loan agreement, security creation, CPs satisfied, drawdown. Sector-specific compliances (RERA, FEMA, SEBI, etc.) handled along the way.
Share a one-page brief on your business and funding need. We respond within one working day with feasibility, structuring and lender shortlist tuned to your sector.