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National Monetisation Pipeline 2.0
Page 1
Preface
India’s infrastructure expansion has been guided by the vision of Viksit Bharat @2047: To build
efficient, advanced, and robust infrastructure assets across sectors that can support the
country’s long-term growth aspirations. The National Monetisation Pipeline (NMP), introduced in
2021, marked an important step towards fulfilling this aspiration. This pipeline helped lend
structure to the vision by providing a framework to unlock value from brownfield and greenfield
public-sector assets and reinvest these resources into new infrastructure creation.
The progress achieved under the first phase of NMP has reaffirmed that structured efforts to
monetise assets can mobilise private capital. It has also shown that this approach can improve
the quality of services delivered to citizens while retaining public ownership of strategic assets.
NMP 1.0 has been instrumental in helping us accurately estimate the importance of sound
project preparation, exploration of alternative financing options and solid stakeholder
engagement. These insights now form the foundation on which the next phase of this initiative
firmly stands.
In this context, NMP 2.0 from FY2025–26 to FY2029–30 aims to carry forward the momentum that
has been built-up by NMP 1.0, but with a higher target and a larger repertoire of assets, in line
with the Union Budget 2025 announcement. NMP 2.0 also seeks to build on the awareness and
institutional capacity related to asset monetisation that has been developed in the past few
years. After detailed discussions with the concerned Central Ministries, this strong portfolio
covers key sectors, such as highways, railways, power, petroleum and natural gas, civil aviation,
ports, warehousing and storage, urban infrastructure, coal, mines, telecom and tourism.
This document outlines the foundations of NMP 2.0, along with the sectoral assets and
monetisation targets. Its objective is to provide a clear and practical reference for policymakers,
implementing agencies, and global and domestic investors, as they work together to expand
India’s infrastructure capacity.
In this initiative, the Cabinet Secretary and the members of the Core Group of Secretaries on
Asset Monetisation (CGAM), along with the Secretary, Department of Economic Affairs and the
Secretary, Department of Expenditure played a key role in shaping the National Monetisation
Pipeline 2.0, with a robust framework covering all aspects of asset monetisation. CEO, NITI
Aayog, the team at NITI Aayog, along with Ministries detailed out the contours of the pipeline,
phasing the monetisation over five years.
The NMP 2.0 will contribute meaningfully to strengthening the asset monetisation ecosystem and
enable stakeholders to collaborate more effectively in the years ahead.

National Monetisation Pipeline 2.0
Page 2

National Monetisation Pipeline 2.0
Page 3

Contents
1 Context and overview ................................................................................ 9
1.1 Context of the Monetisation Programme ...................................................... 9
1.2 Momentum gained under NMP 1.0 ............................................................. 10
1.3 Launch of NMP 2.0 ..................................................................................... 10
1.4 Monetisation concept under NMP 2.0 ........................................................ 11
1.5 Sectors included under NMP 2.0 ................................................................ 12
2 Approach for estimation of monetisation potential ................................... 14
2.1 Overview of the approach ........................................................................... 14
2.2 Detailed methodology ................................................................................ 15
3 Targets for National Monetisation Pipeline 2.0 (NMP 2.0) ........................... 24
3.1 Sector-wise targets .................................................................................... 24
3.2 Highways, Multi-Modal Logistics Parks and Ropeways ............................... 29
3.3 Railways ..................................................................................................... 38
3.4 Power ......................................................................................................... 43
3.5 Petroleum and natural gas ......................................................................... 47
3.6 Civil aviation ............................................................................................... 52
3.7 Ports ........................................................................................................... 56
3.8 Warehousing and storage ........................................................................... 60
3.9 Urban infrastructure ................................................................................... 64
3.10 Coal ............................................................................................................ 68
3.11 Mines .......................................................................................................... 72
3.12 Telecom ...................................................................................................... 75
3.13 Tourism ...................................................................................................... 78

National Monetisation Pipeline 2.0
Page 4
List of tables
Table 1: Illustrative summary of estimation methodology used for key monetisation modes .... 18
Table 2: Summary of estimated Total Monetisation Value (TMV) ............................................. 24
Table 3: NMP 2.0 award phasing of TMV, FY 26 – FY 30 ........................................................... 25
Table 4: Summary of Cash-Flows by recipient / Private Investment under NMP 2.0 .................. 26
Table 5: Sector wise details of Total and Aggregate Monetisation Values ................................. 28
Table 6: Asset Classes under highways ................................................................................. 30
Table 7: TMV target for award of highway projects .................................................................. 31
Table 8: Summary of year-wise TMV target for award of highway projects ................................ 31
Table 9: Summary of Cash-Flow by recipient/Private Investment from highway projects .......... 32
Table 10: Asset Classes under MMLP .................................................................................... 33
Table 11: TMV target for award of MMLP projects ................................................................... 33
Table 12: Summary of Year-wise TMV target for award of MMLP projects ................................. 33
Table 13: Summary of Cash-Flow by recipient/Private Investment from MMLP projects ........... 34
Table 14: Asset classes under ropeways ............................................................................... 35
Table 15: TMV target for award of ropeway projects ............................................................... 35
Table 16: Summary of year-wise TMV target for award of ropeway projects ............................. 35
Table 17: Summary of Cash-Flow by recipient/Private Investment from ropeway projects ....... 36
Table 18: Year-wise TMV target for award of highways, MMLPs and ropeways projects ............. 37
Table 19: Summary of Cash-Flow by recipient/Private Investment from highways, MMLPs and
ropeways projects ............................................................................................................... 37
Table 20: Asset Classes under railways ................................................................................. 39
Table 21: TMV target for award of railway projects .................................................................. 40
Table 22: Summary of year-wise TMV target for award of railway projects ............................... 40
Table 23: Summary of Cash-Flow by recipient/Private Investment from railway projects .......... 41
Table 24: Asset classes under power .................................................................................... 44
Table 25: TMV target for award of power projects ................................................................... 45
Table 26: Summary of year-wise TMV target for award of power projects ................................. 45
Table 27: Summary of Cash-Flow by recipient/Private Investment from power projects ........... 46
Table 28: Asset Classes under petroleum and natural gas ..................................................... 48
Table 29: TMV target for award of petroleum and natural gas projects ..................................... 49
Table 30: Summary of year-wise TMV target for award of petroleum and natural gas projects ... 49
Table 31: Summary of Cash-Flow by recipient/Private Investment from petroleum and natural gas
projects .............................................................................................................................. 50

National Monetisation Pipeline 2.0
Page 5
Table 32: Asset classes under civil aviation ........................................................................... 53
Table 33: TMV target for award of civil aviation projects .......................................................... 53
Table 34: Summary of year-wise TMV target for award of civil aviation projects ....................... 54
Table 35: Summary of Cash-Flow by recipient/Private Investment from civil aviation projects .. 54
Table 36: Asset classes under ports ...................................................................................... 57
Table 37: TMV target for award of port projects ...................................................................... 57
Table 38: Summary of year-wise TMV target for award of port projects .................................... 58
Table 39: Summary of Cash-Flow by recipient/Private Investment from port projects .............. 59
Table 40: Asset classes under warehousing and storage ........................................................ 61
Table 41: TMV target for award of warehousing and storage projects ....................................... 62
Table 42: Summary of year-wise TMV target for award of warehousing and storage projects .... 62
Table 43: Summary of Cash-Flow by recipient/Private Investment from warehousing and storage
projects .............................................................................................................................. 63
Table 44: Asset classes under urban infrastructure ............................................................... 65
Table 45: TMV target for award of urban infrastructure projects .............................................. 65
Table 46: Summary of year-wise TMV target for award of urban infrastructure projects ............ 65
Table 47: Summary of Cash-Flow by recipient/Private Investment from urban infrastructure
projects .............................................................................................................................. 67
Table 48: Asset classes under Coal ...................................................................................... 69
Table 49: TMV target for award of coal projects ...................................................................... 70
Table 50: Summary of year-wise TMV target for award of coal projects .................................... 70
Table 51: Summary of Cash-Flow by recipient/Private Investment from coal projects .............. 71
Table 52: Asset classes under mines .................................................................................... 73
Table 53: TMV target for award of mines projects ................................................................... 73
Table 54: Summary of year-wise TMV target for award of mines projects ................................. 73
Table 55: Summary of Cash-Flow by recipient/Private Investment from mines projects ........... 74
Table 56: Asset classes under telecom ................................................................................. 76
Table 57: TMV target for award of telecom projects ................................................................ 76
Table 58: Summary of year-wise TMV target for award of telecom projects .............................. 76
Table 59: Summary of Cash-Flow by recipient/Private Investment from telecom projects ........ 77
Table 60: Asset classes under tourism .................................................................................. 78
Table 61: TMV target for award of tourism projects ................................................................ 79
Table 62: Summary of year-wise TMV target for award of tourism projects .............................. 79
Table 63: Summary of Cash-Flow by recipient/Private Investment from tourism projects ........ 80

National Monetisation Pipeline 2.0
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List of ﬁgures
Figure 1: Sectors and the concerned Ministry ........................................................................ 12
Figure 2: Overview of the approach for NMP 2.0 .................................................................... 14
Figure 3: Components of Total Monetisation Value ................................................................ 16
Figure 4: Categories of Asset Classes for estimation of ‘Aggregate Monetisation Value’ ........... 19
Figure 5: Computational details for Category 1 ...................................................................... 20
Figure 6: Computational details for Category 2 ...................................................................... 21
Figure 7: Computational details for Category 3 ...................................................................... 21
Figure 8: Computational details for Category 4 ...................................................................... 22
Figure 9: Computational details for Category 5 ...................................................................... 22
Figure 10: Computational details for Category 6 .................................................................... 22
Figure 11: Heads for accrual of monetisation proceeds ............................................................... 23
Figure 12: Illustration – Asset Monetisation in action ............................................................. 27
Figure 13: Year-wise TMV target for award of highway projects ............................................... 32
Figure 14: Year-wise TMV target for award of MMLP projects .................................................. 34
Figure 15: Year-wise TMV target for award of ropeway projects ............................................... 36
Figure 16: Year-wise TMV target for award of railway projects ................................................. 41
Figure 17: Year-wise TMV target for award of power projects .................................................. 45
Figure 18: Year-wise TMV target for award of petroleum and natural gas projects .................... 50
Figure 19: Year-wise TMV target for award of civil aviation projects ......................................... 54
Figure 20: Year-wise TMV target for award of port projects ...................................................... 58
Figure 21: Year-wise TMV target for award of warehousing and storage projects ...................... 63
Figure 22: Year-wise TMV target for award of urban infrastructure projects .............................. 66
Figure 23: Year-wise TMV target for award of coal projects ..................................................... 70
Figure 24: Year-wise TMV target for award of mines projects .................................................. 74
Figure 25: Year-wise TMV target for award of telecom projects ............................................... 77
Figure 26: Year-wise TMV target for award of tourism projects ................................................ 79

National Monetisation Pipeline 2.0
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List of abbreviations
Acronym Definition
AAI Airports Authority of India
AMV Aggregate Monetisation Value
BBNL Bharat Broadband Network Limited
BOO Build-Own-Operate
BOOT Build-Own-Operate-Transfer
BOT Build-Operate-Transfer
BSNL Bharat Sanchar Nigam Limited
CIL Coal India Limited
ckm Circuit Kilometres
CL Composite Licence
COD Commercial Operation Date
CPSE Central Public Sector Entity
Cr Crore
CTUIL Central Transmission Utility of India Limited
CWC Central Warehousing Corporation
DBFOO Design-Build-Finance-Own-Operate
DBFOT Design-Build-Finance-Operate-Transfer
DFCCIL Dedicated Freight Corridor Corporation of India Limited
DSF Discovered Small Fields
EPC Engineering, Procurement and Construction
EV Enterprise Value
FCI Food Corporation of India
FPO Follow-on Public Offer
FY Financial Year
GAIL Gas Authority of India Limited
GCT Gati Shakti Multi-Modal Cargo Terminal
GDP Gross Domestic Product
GPRA General Pool Residential Accommodation
HAM Hybrid Annuity Model
INR Indian Rupee
InvIT Infrastructure Investment Trust
IPO Initial Public Offering
ISTL Inter-State Transmission Lines
JV Joint Venture
JVC Joint Venture Company

National Monetisation Pipeline 2.0
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Acronym Definition
kms Kilometres
LMT Lakh Metric Tonnes
MDO Mine Developer and Operator
ML Mining Lease
MMLP Multi-Modal Logistics Park
MMTPA Million Metric Tonnes Per Annum
MW Megawatt
NHAI National Highways Authority of India
NHPC NHPC Limited
NLMC National Land Monetisation Corporation
NMP National Monetisation Pipeline
NPV Net Present Value
NTPC NTPC Limited
OMDA Operation, Maintenance and Development Agreement
OMT Operate-Maintain-Transfer
PEG Private Entrepreneurs Guarantee Scheme
PGCIL Power Grid Corporation of India Limited
PNG Petroleum and Natural Gas
PPP Public Private Partnership
PSU Public Sector Undertaking
RBI Reserve Bank of India
SJVN SJVN Limited
TMV Total Monetisation Value
TOT Toll-Operate-Transfer
VGF Viability Gap Funding
WDO Washery Developer and Operator

National Monetisation Pipeline 2.0
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1 Context and overview
1.1 Context of the Monetisation Programme
The quality of public infrastructure in a country is a deﬁning metric of the health of its economy.
Investment in the Indian infrastructure sector is perceived to be critical for enabling the
Government of India to achieve its vision of Viksit Bharat. The Economic Survey (2024-25) notes
that while the Government’s capital expenditure on major infrastructure sectors has been
increasing at a trend rate of approximately 38% from FY20 to FY24, there is still signiﬁcant unmet
demand for infrastructure. One of the major hurdles in addressing this gap is the dijiculty in
accessing low-cost long tenure funds. As a result, there is a need for innovative ﬁnancial products
that can supplement the balance sheets of developers.
One such alternative mode of ﬁnancing is asset monetisation. This involves leveraging existing or
under-utilised infrastructure assets to generate revenue and fresh investments, thus creating
monetary inﬂow without additional ﬁscal pressure on the Government. The additional capital that
is unlocked through asset monetisation is reinvested in the creation of more assets, resulting in
far-reaching beneﬁts for the economy. With this vision, Government of India launched the
National Monetisation Pipeline (NMP) in 2021 (NMP 1.0).
NMP 1.0 has showcased that monetisation projects have led to a greater involvement of
institutional investors (pension funds and insurance funds and sovereign wealth funds, among
others) in India’s infrastructure story. Most of these investors have entered the Indian market by
way of the larger asset monetisation projects, such as National Highways Authority of India’s
(NHAI’s) Toll-Operate-Transfer (TOT) projects and Infrastructure Investment Trust (InvIT). Further,
the progress made under NMP 1.0 has led to the creation of Public InvITs, allowing citizens to
directly participate in infrastructure development in India.
Asset monetisation initiatives have also aided in harnessing decades-long Government ejort in
the creation of capital-intensive infrastructure. Typically, public asset creation requires
signiﬁcant Government intervention and investment. Public assets provide infrastructure and
services which are necessary for inclusive development of the country; however, they may or may
not be attractive enough to gain the private sector’s interest and investment. Attracting private
sector interest in most of these projects requires signiﬁcant long-term ejorts by the Government
by creating an enabling economic environment, regulatory backstops, an ejicient and
transparent process, policy stability and related aspects. Asset monetisation can, thus, be
viewed as the reward that the Government and taxpayers have been working towards. This
exercise creates signiﬁcant resources for further investment by leveraging earlier Government
investments without any additional public investment. Asset monetisation is the initiative
through which the Government can harness a portion of decades of ejort.
In all, monetisation projects have aided ﬁnancial markets by increasing investments and
expanding the investor base, improved public assets and services and increased knowledge and
capacity for executing complex infrastructure projects. The increase in infrastructure creation
due to monetisation programme shall eventually lead to an increase in construction activities or
service provision or both. This has one thing in common: the generation of employment and the

National Monetisation Pipeline 2.0
Page 10
skilling of those involved. Creation of new jobs and sustenance of existing ones through asset
monetisation projects align with the Government’s priority of creating quality jobs that ojer
sustainable livelihoods—directly beneﬁting citizens.
1.2 Momentum gained under NMP 1.0
When the NMP 1.0 was announced, it brought nationwide focus on the monetisation of public
assets. The estimated aggregate asset monetisation pipeline target was of INR 6 Lakh Crore over
the four-year period of FY22 to FY25. It covered 13 sectors that are part of dijerent Ministries and
Departments of the Government of India. Of all the sectors, it was highways, railways, power
petroleum and natural gas pipelines, and telecom that had the highest monetisation targets,
totalling about INR 4.3 Lakh Crore (72% of the total target). The remaining sectors included
warehousing, coal mining, aviation, urban real estate, ports and stadiums. These had a
monetisation target of about INR 1.7 Lakh Crore.
In terms of achievement, NMP 1.0 achieved 89% of its target, amounting to INR 5.3 Lakh Crore
(INR 3.87 Lakh Crore during F22, FY23 and FY24 and INR 1.43 Lakh Crore during FY25). The
sectors with the highest performance included highways, coal, mines, petroleum and natural gas
and ports.
While there have been few asset monetisation attempts before NMP 1.0, these ejorts were
boosted and streamlined after the creation of NMP 1.0. This was made possible by the strong
support of the Government, which helped create a regulatory environment that supports various
monetisation options.
One of the most signiﬁcant contributions of NMP 1.0 was that it helped create new classes of
investors in India by converting operational public infrastructure assets into stable, investment-
grade opportunities. By standardising regulatory frameworks and emphasising long-term Public
Private Partnership (PPP) concessions, the projects under NMP 1.0 attracted investments from
both global and domestic pension funds, sovereign wealth funds, and domestic insurance
companies. It is noteworthy that these segments traditionally had limited exposure to core
infrastructure projects. Further, this has provided infrastructure debt ﬁnancing through the
banking system and bond market. This shift has expanded the scope of India’s infrastructure
investor base beyond construction-centric developers to long-term yield investors. It has also
deepened domestic capital markets and aligned public asset recycling with global norms of
institutional infrastructure ownership. In addition, NMP 1.0 fostered the emergence of
specialised agencies in the ﬁeld of infrastructure asset maintenance and operations.
1.3 Launch of NMP 2.0
Building on this momentum, the Government of India is launching the second phase of NMP
(NMP 2.0). The Union Budget 2025–26 announced the second phase of NMP for the ﬁve-year
period FY26 to FY30, with an estimated value of INR10 Lakh Crore.
NMP 2.0 aligns with the infrastructure development plans of the Viksit Bharat initiative. It
aims to contribute in accelerated infrastructure development through upgrading and
expansion of transportation networks, including highways, railways, ports and airports,
along with other sectors. PPPs are an important mode of monetisation under NMP 2.0 and
are expected to play a signiﬁcant role by improving public sector eDiciency and service

National Monetisation Pipeline 2.0
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quality, reducing public debt through
capital recycling and attracting private
sector investment
NMP 2.0 builds upon NMP 1.0 as its base,
maintaining continuity in the general
approach and terminology used for
estimating the overall monetisation
potential. The methodology for assessment
has been expanded to incorporate the
lessons learned from NMP 1.0, along with a
larger and more diverse pool of assets. The
following sections describe the important
aspects of NMP 2.0.
1.4 Monetisation concept under NMP 2.0
NMP 2.0 shall broadly follow the concept of asset monetisation as laid out in NMP 1.0. Asset
monetisation shall comprise elements such as transfer of assets for a limited period, divestment
of portions of listed entities to unlock additional capital, securitisation of cash ﬂows or strategic
commercial auctions. The main objective of NMP 2.0 is to reinvest the proceeds received from
monetisation projects for development of new infrastructure.
The guiding principles towards assets considered for monetisation under NMP 2.0, in addition to
those deﬁned in NMP 1.0, are as under:
• Core assets vs. non-core assets: In line with NMP 1.0, NMP 2.0 shall focus on core assets
only. Core assets are the ones central to the service objectives of any given Government
Ministry/Department/PSU and are used for delivering infrastructure services to the
public/users. Of the various core assets, those that are currently generating revenue or those
which have substantially completed facilities and can be suitably augmented for future
operations have been considered as potential core assets for monetisation herein.
Monetisation of non-core assets (such as land, building, pure play real estate assets) has
been included in NMP 2.0 where the project envisages further development on these assets.
For instance, development through direct contractual models such as PPP models or leasing
with a pre-defined land use has been included in NMP 2.0. While the formation of National
Land Monetisation Corporation (NLMC) has increased focus on land monetisation initiatives
across various Departments and PSUs, pure commercial sale in which the proceeds are not
being used to develop an equivalent asset has been kept outside the purview of NMP 2.0.
• Investment by private sector in PPP projects: The capital investment by the private sector
in infrastructure projects is being accounted under NMP 2.0. Accordingly, private investment
under models such as Design-Build-Finance-Operate-Transfer (DBFOT) has been considered
as monetisation under NMP 2.0, along with the Government’s revenue share from these
projects (if any).

Asset Monetisation Pipeline 2.0
“Building on the success of the ﬁrst Asset
Monetisation Plan announced in 2021,
the second Plan for 2025-30 will be
launched to plough back capital of Rs 10
lakh crore in new projects. Regulatory
and ﬁscal measures will be ﬁnetuned to
support the Plan.”
-- Union Budget 2025-26

National Monetisation Pipeline 2.0
Page 12
1.5 Sectors included under NMP 2.0
NMP 2.0 targets to achieve INR 16.72 Lakh Crore from monetisation of assets belonging to 12
sectors, during the course of ﬁve years (FY26 to FY30). The ﬁgure lists the infrastructure sectors
included in NMP 2.0, along with the concerned Ministry/Department. In case of Ministries with
varying functions, the Department responsible for monetisation activities has been speciﬁed
below. PSUs and agencies under the purview of these Ministries are expected to be involved in
the monetisation initiatives of the respective sectors as well.
Reference to any sector in this document consequentially includes reference to the respective
Ministry/Department, and vice versa.

Ministry of PowerPower
Ministry of Civil AviationCivil aviation
Ministry of Railways Railways
Ministry of CoalCoal
Ministry of MinesMines
Department of Telecommunications Telecom
Department of Food and Public DistributionWarehousing and storage
Ministry of Housing and Urban AffairsUrban infrastructure
Ministry of Petroleum and Natural GasPetroleum and natural gas
Ministry of TourismTourism
Ministry of Road Transport & Highways Highways, MMLPs, Ropeways
Ministry of Ports, Shipping and WaterwaysPorts
Figure 1: Sectors and the concerned Ministry

National Monetisation Pipeline 2.0
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Note
This document discusses the estimation methodology and sector-wise targets that NMP 2.0
proposes to achieve. The approach used for NMP 2.0 largely follows the approach and
nomenclature detailed under NMP 1.0.
Subsequent discussion in this document is sector-wise, and within each sector, the assets
that are similar in nature have been clubbed under an asset class (Asset Class). The
monetisation methodology and values have been presented Asset Class-wise per sector, for
ease of reference.
In this document, Total Monetisation Value (TMV) shall mean the aggregate of the proceeds
being received upfront, present value of the expected future proceeds, and the estimated
private investment into the Projects.
Aggregate Monetisation Value (AMV) shall be Total Monetisation Value of the project
adjusted to impact of depreciation in the asset during the concession period.
Cash-Flow shall mean the nominal cashﬂow accruing to various recipients / private
investment ﬂowing into the project during the respective year of NMP 2.0
All estimates and values in this document are indicative and are subject to variation at the
time of the actual transaction, award and execution of the respective project.

National Monetisation Pipeline 2.0
Page 14
2 Approach for estimation of
monetisation potential
2.1 Overview of the approach
The approach used to estimate the monetisation targets under NMP 2.0 largely follows the
methodology and nomenclature for NMP 1.0. This has been done to ensure continuity of
concepts and estimation techniques across this and future phases of the NMP programme.
The approach can be divided into ﬁve stages, beginning with identiﬁcation of the Asset Classes
for each sector to be included under NMP 2.0, determination of the most suitable mode of
monetisation per Asset Class and estimation of the target for award of monetisation projects
between FY26 and FY30. This analysis is supplemented by additional analysis undertaken in this
phase of NMP viz (a) for assets that revert to monetising agency after concession period,
monetisation value net of depreciation has been estimated to study the economic value of
monetisation and (b) determination of the allocation of monetisation proceeds among
Government accounts. These stages are summarised in the ﬁgure below.
Figure 2: Overview of the approach for NMP 2.0
Additional
analysis under
NMP 2.0
Identiﬁcation of assets
Identiﬁcation of Asset
Classes in deliberation with
the Ministries, Departments
and PSUs.
1
Determination of suitable
monetisation mode
Most suitable mode of
monetisation has been
identiﬁed based feasibility
of execution of the
monetisation mode and the
level of return.
2
Estimation of ‘Aggregate
Monetisation Value’
Analysis to determine the
impact of depreciation of
the underlying assets being
monetised.
4
Allocation of proceeds
from monetisation
Proceeds from monetisation
projects are allocated to
diFerent heads depending
on the project’s
implementing agency and
mode of monetisation.
5
Estimation of monetisation
value
Monetisation value has been
determined in two parts for
each Asset Class:
•Revenue share/proceeds
•Investment from
partnership projects
3

National Monetisation Pipeline 2.0
Page 15
Detailed methodology for each of the above steps has been provided in the following section. The
first three steps arrive at the monetisation potential considered as the target for NMP 2.0. The
last two steps offer additional analysis for further streamlining the NMP programme.
2.2 Detailed methodology
This section provides further details of the stages adopted and provides the detailed
methodology for each stage. This section also recaps the methodology used in NMP 1.0 and
describe its applicability to NMP 2.0.
2.2.1 Identification of the Asset Classes to be included under NMP 2.0
The assets for each sector for monetisation over the immediate five-year period have been
prepared and finalized after multiple rounds of deliberation within the respective
Ministries/Departments/PSUs and NITI Aayog.
2.2.2 Determination of the most suitable mode of monetisation per Asset Class
After identification of suitable assets for monetisation, suitable modes of monetisation have
been identified for each Asset Class. These have been selected based on the suitability of the
monetisation mode to the concerned asset, feasibility of execution of the monetisation mode by
the concerned Ministry/Department/PSU, possible monetisation value that the concerned
agency can expect, and the development needs of the underlying asset. Following are the guiding
principles for selection of the mode of monetisation:
• Nature of the asset: NMP 2.0 identifies a wide variety of Asset Classes—ranging from
physical infrastructure to natural resources to financial assets. Since each Asset Class
differs in its structure, maturity, underlying regulatory environment and revenue
characteristics, the mode of monetisation varies accordingly. For example, InvIT or TOT may
be chosen for highways projects whereas commercial auction is suitable for coal and mine
assets.
• Development need of the concerned asset: Some brownfield assets may require major
augmentation to become fully operational whereas others which are already fully operational
may only need Operations & Maintenance (O&M) support. Some assets may not require any
development or operational support and may be used for securitisation only. Such aspects
determine the mode of monetisation per Asset Class.
• Suitability of the monetisation mode to the concerned asset: The selected mode of
monetisation should be feasible for the concerned asset. For example, certain sectoral
assets may not be entirely suitable for an InvIT due to their complex operational issues but
may be suitable for securitization of cash flows.
• Highest possible return to the concerned Ministry/Department/PSU: While choosing
among different feasible modes of the monetisation, the one offering the highest possible
monetisation value to the concerned Government agency may be selected.
• Whether the asset being monetised will be handed back to the Government: For
example, some assets may be developed using the DBFOT model, whereas others may use
the Design Build Finance Own Operate (DBFOO) model. The underlying asset shall remain
with the private sector in the latter case. This arrangement influences the type of
monetisation mode that a Government agency shall choose.

National Monetisation Pipeline 2.0
Page 16
• Feasibility of execution of the monetisation mode by the concerned Ministry/
Department/PSU: The concerned Government entity should either have the wherewithal
(capacity, experience) to execute the monetisation projects or build such capacity. This is
especially important in view of some complex assets chosen to be monetised.
2.2.3 Estimation of the Total Monetisation Value per Asset Class
Upon finalization of the mode of monetisation, estimation of the monetisation potential of the
underlying asset has been undertaken. This potential estimation comprises two parts:
(1) Revenue share/proceeds
(2) Private sector’s capital investment in PPP projects
All types of proceeds from monetisation initiatives have been categorized as either of these two
parts. Together, they form the monetisation value or potential per Asset Class. Following is a
description of the methodology for estimation of the above:
(1) Revenue share/proceeds:
This covers revenue proceeds of the Government entity from monetisation projects—both
upfront as well as recurring payments. For example, these may be proceeds from
securitisation of assets as well as revenue share of the Government from contractual PPP
projects. The present value of these revenue streams over the entire concession/contract
period has been considered as the monetisation value.
In keeping with NMP 1.0, following estimation techniques have been used to estimate this
component.
• Market approach: The indicative monetisation value is determined under the market
approach based on comparable market transactions, wherever available. For such
transactions, the market value ‘per unit of asset’ has been determined based on
secondary review of reference transactions in the sector as may be available or
applicable (such as per kilometre of roads, per ckt km of transmission asset, per MW of
generation capacity etc.). The value is applied on the Asset Classes to arrive at the
indicative monetisation value.
1 2
Private sector’s capital investment
in PPP projects
Capital expenditure made in the
development of infrastructure assets, net of
government support (if any).
Revenue share/proceeds
Flow of revenues to the Government entity
from monetisation projects. For example,
revenue shares under PPP projects, proceeds
from securitisation, upfront payments in TOT
models, royalty from mining projects,
proceeds from equity divestments
Components of Total Monetisation Value
Figure 3: Components of Total Monetisation Value

National Monetisation Pipeline 2.0
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The market approach is only indicative and the actual consideration that accrues to the
Government depends on many factors, including market and pricing conditions at the
time of the transaction, its structuring, the given asset’s quality etc.
• Enterprise value approach: The enterprise value approach is considered for Asset
Classes where information on existing revenue streams is available or can be reasonably
projected based on assumptions and/or available data on prevailing tarij for an asset. It
is to be noted that the enterprise value-based valuation in this report is a high-level
estimate only and the actual reference valuation will be arrived at by the asset owners at
the stage of transaction preparation and structuring.
There is one estimation approach that may apply to the calculation of both capex investment
as well as revenue share/premium/proceeds. The book value approach is considered in
case of Asset Classes where information on comparable market transactions or estimated
capex investment is not available. In such cases, book value of asset classes has been
estimated considering average values (capex, revenue streams, upfront payments etc.) of
closest possible proxies.
(2) Private sector’s capital investment in PPP projects: Includes the capital investment
amount by the private sector in projects involving development/construction/major
maintenance. For example, investment under models such as Design Build Finance Operate
Transfer (DBFOT); Operation, Maintenance and Development Agreement (OMDA); BOT (Toll)
shall be considered under NMP 2.0.
The principle for inclusion of this value as a monetised amount is that in the absence of said
monetisation project and the consequent private sector investment, the concerned
Government entity would have had to undertake the said capital expenditure. This approach
captures savings to the Government by undertaking the asset monetisation transaction.
Accordingly, the extent of private investment estimated towards such capex has been
considered under the Total Monetisation Value.
Capex approach has been used to determine private investment amounts across Asset
Classes of dijerent sectors. As explained in NMP 1.0, the capex approach estimates the
capital expenditure by the private sector entity projects. It is to be noted that the actual capex
towards such outlays will happen over 2-3 years of construction/major maintenance, and
sometimes in phases over the concession period. For example, a BOT PPP project that is
awarded in FY30 has been considered under NMP 2.0 (at the award value) even though the
investment in the development of the project shall accrue after the NMP 2.0 period.
(3) Monetisation value
Together, capex investment plus revenue share, proceeds from securitisation, upfront payments,
royalty from mining projects, proceeds from equity divestments has been accounted as the
monetisation value per Asset Class.
It is to be noted that the monetisation value is adjusted for any grants given by the Government,
especially Viability Gap Funding (VGF) in PPP projects. Further, monetisation value is the award
target of the monetisation projects and represents the inﬂow to the Government over the entire
lifespan of these projects.

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2.2.3.1. Summarizing estimation methodology used for modes of monetisation in NMP 2.0
Following is an indicative summary of the methodology for estimating monetisation values across
the most widely used modes of monetisation in NMP 2.0. It is to be noted that all approaches and
estimates of monetisation potential are indicative and are subject to variation at the time of the
actual transaction.
Table 1: Illustrative summary of estimation methodology used for key monetisation modes
Monetisation
mode
Indicative list
of Sectors
leveraging
this mode
Revenue share/proceeds
Private sector’s capital
investment in PPP projects
Type of
monetisation
proceed
Estimation
method
Type of
monetisation
proceed
Estimation
method
InvIT Highways Funds raised
by National
Highways
Infra Trusts
Market
approach
-- --
TOT Highways Upfront fee Market
approach
-- --
PPP User Pays
models (e.g.
DBFOT, BOT
(Toll))
Highways,
Ports,
Railways,
Warehousin
g and
storage,
Tourism
Premium/Rev
enue share of
the
Government
Market
approach
Investment
from the
private entity
in
development
of asset
Capex
approach
OMDA/ other
O&M based
concessions
Aviation,
Railways
Upfront fee,
revenue
share,
concession
fee
Market
approach
Investment
from the
private entity
in major
maintenance/
redevelopmen
t of asset
Capex
approach
IPO/ FPO/
Private
placement
Power,
Petroleum
and natural
gas,
Aviation,
Proceeds
from the sale
of equity
Market
approach
-- --
Securitisation Power Proceeds to
the PSU from
securitisation
of cash flows
Enterprise
value
approach
-- --
Lease Telecom,
Petroleum
and natural
gas
Lease rental
payment
Market
approach
-- --

National Monetisation Pipeline 2.0
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Monetisation
mode
Indicative list
of Sectors
leveraging
this mode
Revenue share/proceeds
Private sector’s capital
investment in PPP projects
Type of
monetisation
proceed
Estimation
method
Type of
monetisation
proceed
Estimation
method
Land based
development
Railways,
Ports,
Urban,
Telecom
• Lease rental /
Proceeds
from sale of
built-up area
Market
approach
Investment
from the
private entity
Capex
approach
Commercial
auction
Mines, Coal Royalty
payment to
the
Government
(Centre and
State)
Market
approach
Investment by
the private
entity for mine
development
Capex
approach
The above methodology has been used to estimate the targets for award of monetisation projects
for each of the involved sectors. These have been provided in Chapter 3.
2.2.4 Estimation of ‘Aggregate Monetisation Value’
NMP 2.0 has undertaken analysis of the impact of depreciation of the underlying assets. This
provides an insight into the economic worth of the monetisation being undertaken. While the
Total Monetisation Value (TMV) is the aggregate of the proceeds being received upfront, present
value of the expected future proceeds and the estimated private investment into the Projects, the
Aggregate Monetisation Value (AMV) is the Total Monetisation Value of the project adjusted to
impact of depreciation in the asset during the concession period.
The methodology for this estimation of (termed ‘Aggregate Monetisation Value’ (AMV)) involves
dividing the Asset Classes into six categories based on deﬁning characteristics.
The following framework outlines the computation methodology and adjustments made to the
estimated monetisation values of the six categories showcased above.

1 2 3 4 5 6
Greenﬁeld
assets
Brownﬁeld
assets
Mineral
resources
Strategic
sale or
partial
divestment
Securitization
of future
cashﬂows
Assets
created and
owned by the
private sector
Figure 4: Categories of Asset Classes for estimation of ‘Aggregate Monetisation Value’

National Monetisation Pipeline 2.0
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2.2.4.1. Category 1: Greenfield assets
Nature of assets: Greenﬁeld projects/new assets developed under one of the monetisation
modes (for e.g. DBFOT or similar concession frameworks). These assets revert to the Government
at the end of the concession period or its termination (as applicable).
Computation approach: In the case of greenﬁeld assets, the Government shall gain the
depreciated asset (at residual value) at the end of the asset’s life. This is added to the present
value of the revenue that the Government earned from the asset during the concession period.
Figure 5: Computational details for Category 1
Computation details
Total Monetisation Value (TMV) = Upfront premium + Present value of revenue share to the
Government + Investment by the private sector
Aggregate Monetisation Value (AMV) = TMV – Depreciation in the asset during the project
period
Illustration
Assumptions:
• Project description: Construction of highway project under DBFOT mode with
concession period of 30 years
• Project cost: INR 1,000 Cr
• Annual concession fee: INR 10 Cr with 10% escalation year wise
• Present value of annual concession fee at 8% discounting: INR 320 Cr
• Depreciation of the Asset during the Concession Period: 34%

Case 1: Projects getting premium
• Upfront premium: INR 200 Cr
• Private investment: INR 1,000 Cr
• TMV = Upfront premium + Present value of annual concession fee + Private investment =
200 + 320 + 1000 = INR 1,520 Cr
• AMV = TMV – Depreciation in the asset during the project period = 1,520 – (0.34 x 1000) =
INR 1,180 Cr

Case 2: Projects seeking grant
• Grant sought (VGF) = INR 200 Cr
• Private investment = INR 800 Cr
• TMV = Present value of annual concession fee + Private investment = 320 + 800 = INR
1,120 Cr
• AMV = TMV – Depreciation of the asset during the project period = 1,120 – (0.34 x 1000) =
INR 780 Cr
2.2.4.2. Category 2: Brownfield assets
Nature of assets: Brownﬁeld assets are operational, revenue-generating assets that the
Government licenses to private entities for one or more of the following activities: development,
construction, operation, periodic maintenance, major maintenance etc. Examples of models
include DBFOT and OMDA.

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Computation approach: In the case of brownﬁeld assets, AMV shall be equal to TMV adjusted
to capture the impact of depreciation in the assets during the concession period.
Figure 6: Computational details for Category 2
Computation details
Total Monetization Value (TMV) = Upfront Premium* + PV (Revenue Share to the Government)
+ Investment by Private Sector
Aggregate Monetization Value (MV) = Total Monetization Value - Depreciation in the asset
during the project period

Example: ToT in Roads; OMDA in Airports, Mechanization in Ports, OMDA in Railway Stations
2.2.4.3. Category 3: Mineral resources
Nature of assets: This category includes the monetisation of coal and other mineral resources
through monetisation modes such as commercial auction and Mine Developer and Operator
(MDO).
Computation approach: In the case of mineral resources, the estimation of Total Monetisation
Value shall include the revenue and royalty payments to the Government, along with the
investment by the private sector towards development of the mine. AMV shall be equivalent to
TMV in this case. Further, the following two principles are to be followed for Category 3:
• Coal: The period for consideration of cashﬂows has been assumed to be 30 years and the
revenue share is estimated as a percentage of the value of the extracted resource.
• Mines: Upfront premium and royalty/revenue share based on the operationalisation of the
awarded mines to be considered.
Figure 7: Computational details for Category 3
Computation details
Total Monetization Value (TMV) = Upfront Premium + PV of Royalty/Revenue Share to the
Government during concession Period + Investment by Private Sector towards development
of the Mine
Aggregate Monetization Value (AMV) = Total Monetization Value
2.2.4.4. Category 4: Strategic sale or divestment through IPO/OFS/other processes
Nature of assets: This category involves monetisation of Government shareholding in
subsidiaries/JVs through partial equity divestment, public ojerings (IPO/OFS) or direct strategic
sale. Examples include sale of land or real estate assets, equity divestment in
PSUs/subsidiaries/JVs.
Computation approach: Unlike other categories, divestment represents a one-time realisation
of value. The Government monetises its ownership stake to generate proceeds that can be
reinvested elsewhere. Accordingly, AMV shall be equivalent to TMV in this case.

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Figure 8: Computational details for Category 4
Computation details
Total Monetization Value (TMV) = Proceeds from partial Stake Sale in CPSEs
Or
Upfront Premium + PV (future cashﬂows)
Aggregate Monetization Value (AMV) = Total Monetization Value
2.2.4.5. Category 5: Securitization of future cashflows
Nature of assets: Securitisation applies to assets with predictable and stable revenue streams,
such as pipelines, power transmission lines or toll roads. In the case of NMP 2.0, securitisation
to be counted as monetisation where transactions conform to the guidelines including creation
of no charge on the PSU’s balance sheet, no corporate guarantee, backed solely by securitised
cash ﬂows, creation of escrow mechanism for cashﬂows, proceeds earmarked for capex or debt
reduction and ﬁrst charge on the cashﬂows to lenders, with the PSU having the right on the
balance cashﬂows
Computation approach: AMV is equivalent to the Total Monetisation Value, requiring no
adjustments.
Figure 9: Computational details for Category 5
Computation details
Total Monetization Value (TMV) = PV (Proceeds from Securitization)

Aggregate Monetization Value (AMV) = Total Monetization Value
2.2.4.6. Category 6: Assets created and owned by the private sector
Nature of assets: These are assets created and owned by the private entity, typically under
service arrangements with the Government. For example, projects involving construction of silos
for storage of foodgrains on DBFOO mode. There are two mandatory requirements for a Category
6 project to be counted as a monetisation project which include creation of the asset mandated
by a concession agreement between a government entity and a private sector entity, and
provision of services to the Government entity and/or the public governed by the concession
agreement
Computation approach: AMV is the summation of the Total Monetisation Value and the present
value of the depreciation in the investment by the private entity.
Figure 10: Computational details for Category 6
Computation details
Total Monetisation Value (TMV) = Upfront Premium + PV (Revenue Share to the Government)
Aggregate Monetization Value (AMV) = Total Monetization Value + PV (Depreciation in Private
Sector investment)
Asset Class: Silos for Storage of Foodgrains; Gati Shakti Freight Terminals; Private
Participation in Railway Operations
The above methodology has been used to arrive at the AMV estimates for each of the involved
sectors. A summary has been provided in Chapter 3.

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2.2.5 Accrual of monetisation proceeds
Chapter 2 captures the methodology for estimation of Total Monetisation Value for the assets
identiﬁed under NMP 2.0. When viewed from the lens of accrual of these monetisation proceeds
in a given ﬁnancial year, actual annual inﬂow from these projects shall have to be considered
(which may be dijerent than the above award targets). For example, if a project is awarded in the
last year of the NMP 2.0 period (FY30), then the expected private investment shall accrue after
FY30. This shall not be counted when assessing the proceeds for the period FY26 to FY30.
Proceeds from asset monetisation projects are allocated to dijerent heads depending on the
implementing agency of the project, as well as the project’s mode of monetisation. Under NMP
2.0, the proceeds from monetisation are proposed to be allocated under four heads: (i)
Consolidated Fund of India; (ii) PSU/Port Authority allocation; (iii) State Consolidated Fund and
(iv) Direct investment (private). This allocation shall determine the type of impact that the use of
these proceeds can create.
The following is an overview of the allocation heads in the context of NMP 2.0:
(1) Consolidated Fund of India: Any proceeds accruing to Government of India from asset
monetisation projects shall accrue to Consolidated Fund of India. In the context of NMP
2.0, any type of Government revenue from a monetisation project that is implemented by a
Central Ministry (for example, revenue share, premium, lease rental, royalty) shall ﬂow to
Government of India.
(2) PSU/Port Authorities allocation: Proceeds from monetisation activities undertaken by
PSUs shall accrue to the concerned PSU (similar norm shall be followed for Major Port
Authorities). For example, the proceeds from securitisation of cash ﬂows from a PSU’s
operational infrastructure project
shall be retained by the concerned
PSU. Given that every PSU involved
in NMP 2.0 is a provider of
important utilities and services,
these proceeds shall help the PSU
in enhancing its capex plans.
(3) State Consolidated Fund: Certain
projects under NMP 2.0 are
expected to generate revenues to
the State Governments, especially
those belonging to the mines and
coal sectors (royalty payments).
These proceeds shall accrue to
State Consolidated Fund.
(4) Direct investment (private): This
head shall record the investment
by the private sector in monetisation projects that involve construction and/or major
maintenance components. For example, capital expenditure by a private entity in an airport
project under the Operation, Maintenance and Development Agreement (OMDA) model
shall be considered as direct private investment.
Chapter 3 provides sectoral estimates of the above accruals.
1 Consolidated Fund of India
2 PSU/Port Authorities allocation
3 State Consolidated Fund
4 Direct investment (private)
Figure 11: Heads for accrual of
monetisation proceeds

National Monetisation Pipeline 2.0
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3 Targets for National
Monetisation Pipeline 2.0 (NMP
2.0)
3.1 Sector-wise targets
As encapsulated in the previous Chapter, the National Monetisation Pipeline 2.0 (NMP 2.0) is an
aggregation of sectoral assets and monetisation targets. The sections below provide a sector-
wise summary of the targets, followed by details of the Asset Classes and estimation speciﬁcs
for each sector.
3.1.1 Sector-wise targets for award of monetisation projects
The estimated targets for the Total Monetisation Value (TMV) and award of projects by sector have
been estimated using the methodology provided in Chapter 2. This includes the cashﬂows
accruing to Government entities in terms of proceeds being received upfront, present value of
the expected future cashﬂows from monetisation of the assets, and the estimated private
investment into the Projects. The table below summarises these values.
Table 2: Summary of estimated Total Monetisation Value (TMV)
1

NMP 2.0 award target
(in INR Cr)
Sl. Sectors Total Monetisation Value Percentage of total
1. Highways, MMLPs, Ropeways 4,42,000 26%
2. Railways 2,62,300 16%
3. Power 2,76,500 17%
4. Petroleum and natural gas 16,300 1%
5. Civil aviation 27,500 2%
6. Ports 2,63,700 16%
7. Warehousing and storage 10,000 1%
8. Urban infrastructure 52,000 3%
9. Coal 2,16,000 13%
10. Mines 1,00,000 6%
11. Telecom 4,800 0.3%
12. Tourism 1,200 0.1%
Total 16,72,300 100%

1
Figures have been rounded down to the nearest 100

National Monetisation Pipeline 2.0
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Highways, power, railways, ports and coal have relatively higher monetisation targets. It is to be
noted that all estimates of monetisation potential are indicative and are subject to variation at
the time of the actual transaction, award and execution of the given asset monetisation project.
3.1.2 Phasing of NMP 2.0
The indicative Total Monetisation Value of the transactions undertaken in the respective year of
NMP 2.0 is presented in Table 3 below. For illustration, the TMV of INR 59,140 crores indicated in
FY 2026 for the highways, MMLP and Ropeway sector shall mean the aggregate sum of the
upfront premium, present value of the future revenue share, and investment made by the private
sector for all the projects awarded in FY 26.
Table 3: NMP 2.0 award phasing of TMV, FY 26 – FY 30
(in INR Cr)
Sectors FY26 FY27 FY28 FY29 FY30 Total
Highways,
MMLPs,
Ropeways
59,140 68,770 91,800 1,04,430 1,17,860 4,42,000
Railways 40,580 58,451 50,464 59,214 53,591 2,62,300
Power 49,900 54,450 62,700 54,725 54,725 2,76,500
Petroleum and
natural gas
4,240 4,288 4,658 1,557 1,557 16,300
Civil aviation - 9,083 5,537 4,034 8,846 27,500
Ports 40,854 55,729 55,729 55,729 55,659 2,63,700
Warehousing and
storage
4,318 1,813 1,941 958 970 10,000
Urban real estate - 5,000 5,000 21,000 21,000 52,000
Coal 31,540 48,170 47,580 45,230 43,480 2,16,000
Mines 18,101 18,986 19,963 20,940 22,010 1,00,000
Telecom 820 875 940 1,035 1,130 4,800
Tourism - 820 - - 380 1,200
Total 2,49,493 3,26,435 3,46,312 3,68,852 3,81,208 16,72,300
3.1.3 Sector-wise accrual of monetisation proceeds
The following table presents the sector-wise accrual of proceeds among the four heads: (i)
Consolidated Fund of India; (ii) PSU/Port Authority allocation; (iii) State Consolidated Fund and
(iv) Direct investment (private). It is to be noted that the proceeds are based on best possible
estimates for monetary and investment inﬂow to the concerned Ministry/Department/PSU/State
Government during each of the ﬁnancial years between FY26 and FY30. Similarly, direct
investment (private) has been phased using assumptions for project award and construction
timelines.

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Table 4: Summary of Cash-Flows by recipient / Private Investment under NMP 2.0
(in INR Cr)
Sectors
During NMP 2.0 Period (FY 26 to FY30) Flows for
the
period FY
31 and
beyond**
Consolid
ated Fund
of India
PSU/ Port
Authorities
allocation
State
Consolid
ated Fund
Direct
investmen
t (private)
Total
(FY26 to
FY30)*
Highways,
MMLPs,
Ropeways
3,36,435 - 935 68,317 4,05,687 36,313
Railways 1,02,288 - - 37,364 1,39,652 1,22,648
Power - 76,500 - 1,66,288 2,42,788 33,712
Petroleum and
natural gas
- 7,866 - - 7,866 8,434
Civil aviation - 23,374 - - 23,374 4,126
Ports - 5,294 - 1,07,686 1,12,979 1,50,721
Warehousing
and storage
- - - 8,840 8,840 1,160
Urban
infrastructure
20,000 - - - 20,000 32,000
Coal - 48,350 21,192 29,470 99,011 1,16,989
Mines - - 16,291 - 16,291 83,709
Telecom 2,400 2,400 - - 4,800 -
Tourism - - - 820 820 380
Total 4,61,123 1,63,784 38,418 4,18,783 10,82,109 5,90,192
Percentage
allocated
43% 15% 4% 39% -- --
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30
It is estimated that largest portion of the proceeds under NMP 2.0 shall\ accrue to Consolidated
Fund of India, followed by direct investment (private), PSU/Port Authority allocation and State
Consolidated Fund.
3.1.4 Illustration: Asset Monetisation in action
Of the total monetisation inﬂow during FY26 to FY30, 43% is expected to accrue to Government
of India (proceeds allocated to Consolidated Fund of India), 15% to PSUs and 4% to State
Governments. 39% of the total target is expected to be direct private investment. Accordingly,
about 58% of the monetisation proceeds shall be with Government of India and its entities,
providing additional resources for asset creation and for improving infrastructure services.
The Central Government’s capital expenditure on infrastructure creation has a direct positive
impact on the country’s Gross Domestic Product (GDP). Reserve Bank of India (RBI) estimates
Government of India’s capital expenditure multiplier for India at 3.25; this implies that an increase

National Monetisation Pipeline 2.0
Page 27
in capital expenditure of Government of India by Re. 1 would raise the GDP by Rs. 3.25
2
. This
crowds in private investment, bringing about an increase in investment in the economy.
Investment of the proceeds from asset monetisation initiatives under NMP 2.0 are also expected
to have such an impact. The illustration below reinforces this point.
Figure 12: Illustration – Asset Monetisation in action
Asset Monetisation in action
Central Government’s proceeds during the period FY 26 to FY 30 under NMP 2.0 are
expected to be approximately INR 4.6 Lakh Crore. Assuming that 70% of this amount is
spent on public funded projects, the resultant amount of INR 3.2 Lakh Crore shall be a
direct investment by the Government in the development of infrastructure projects. The
remaining amount of INR 1.4 Lakh Crore which is invested in PPP projects can be
leveraged for a higher impact. By assuming a leverage ratio of 1:2, investment of INR 4.2
Lakh Crore may be envisaged from the PPP component (under the supposition of a
conducive ﬁnancial environment).
Similar leverage ratio can be used for the proceeds accruing to PSUs. INR 1.6 Lakh Crore
may be leveraged to a higher amount of INR 4.9 Lakh Crore, expanding the PSU capex
plan.
With the above set of assumptions, INR 6.2 Lakh Crore of Central Government/PSU
proceeds may result in increased investment of amount INR 12.2 Crore. Further, if the
capital expenditure multiplier of 3.25 is applied on this amount, it is expected to
increase the country’s GDP by approximately INR 40 Lakh Crore (over the next 5-10
years).
The resultant capital expenditure by the State Government on local infrastructure projects shall
have a similar positive eject on the Gross State Domestic Product (GSDP). RBI estimates that the
State Government capital expenditure multiplier is 2.00; implying that an increase in capital
expenditure of a State Government by Re. 1 would raise the GSDP by Rs. 2
3
.
The investment by the private sector replaces the likely investment that would have been made
by the public sector thus enabling the public sector to free up its resources. Apart from the
monetary value addition, such investment leads to increase in execution ejiciency of projects,
use of advanced technology and techniques, enhanced backward linkages in terms of supply of
raw materials and construction material, along with employment generation and proﬁcient
service provision. Every successful instance of private sector participation in infrastructure
creation also encourages further participation and increases the collective conﬁdence of the
public and private sectors to try newer models of infrastructure monetisation and ﬁnancing.
3.1.5 Sector-wise estimates of Aggregate Monetisation Value (AMV)
The following table provides an estimate of the Aggregate Monetisation Value (AMV) for each
sector, derived using the methodology provided in Chapter 2. AMV has been estimated based on
assumptions about the economic life of the Asset Classes, length of the concession periods /
contract periods, the public investment already made on the projects and the estimated private

2
Monetary Policy Report, Reserve Bank of India (April 2019)
3
Monetary Policy Report, Reserve Bank of India (April 2019)

National Monetisation Pipeline 2.0
Page 28
sector investment into the projects. AMV is an economic concept showing the net benefit to the
public entity after adjusting the depreciation in the asset during the concession period.
Illustration: While the Total Monetisation Value of INR 4,42,000 crores for highways, MMLP and
Ropeways is the aggregate of upfront premium, present value of revenue share and the private
sector investment into projects the Aggregate Monetisation Value of INR 2,81,138 crores has
been arrived at after reducing the depreciation in the asset value during the project period for the
respective assets.
Table 5: Sector wise details of Total and Aggregate Monetisation Values
(in INR Cr)
Sl. Sectors Total Monetisation
Value
Aggregate
Monetisation Value
1. Highways, MMLPs, Ropeways 4,42,000 2,81,138
2. Railways 2,62,300 2,27,461
3. Power 2,76,500 1,36,500
4. Petroleum and natural gas 16,300 15,959
5. Civil aviation 27,500 22,500
6. Ports 2,63,700 1,63,680
7. Warehousing and storage 10,000 4,500
8. Urban infrastructure 52,000 52,000
9. Coal 2,16,000 2,16,000
10. Mines 1,00,000 1,00,000
11. Telecom 4,800 -2,625
12. Tourism 1,200 440
Total 16,72,300 12,17,554

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3.2 Highways, Multi-Modal Logistics Parks and Ropeways
A. Highways
3.2.1 Details of the Asset Classes
The pool of highway assets identiﬁed for NMP 2.0 includes stretches where the user fee is
currently accruing to NHAI, stretches which are proposed to be developed on PPP mode, ongoing
DBFOT projects that are reverting to NHAI during the NMP 2.0 period and projects currently under
development through public funding or under HAM mode which are expected to commence user
fee collection during the NMP 2.0 period. In line with the various types of stretches, following are
the Asset Classes under the highways sector for NMP 2.0:
#1. Stretches where user fee is accruing to NHAI: This Asset Class includes stretches where
the user fee collected accrues to NHAI from projects that have been developed through
EPC/HAM/BOT (Annuity) modes and are in operations stage. These stretches can typically be
monetised either under TOT model or InvIT Model. In the TOT mode of monetisation, typically,
the private entity is given the right to collect user fee from a bundle of stretches (along with
Highways

National Monetisation Pipeline 2.0
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the responsibility to operate and maintain them) in exchange for an upfront fee. This model
has allowed NHAI to successfully monetise multiple large-scale projects, unlocking
substantial funds for future investments. Another monetisation method used by NHAI for
such projects is through InvITs. National Highways Infra Trust (NHIT) was set-up by NHAI in
2020 and has since raised multiple rounds of funding by using such pools of operational
projects.
#2. Under-construction stretches where user fee will accrue to NHAI: The second Asset Class
involves under construction stretches where upon completion of construction, the user fee
shall accrue to NHAI. Only stretches that are expected to commence user fee collection
during the period of NMP 2.0 have been considered under this asset class. These stretches
are expected to be monetised through the TOT/InvIT route.
#3. Projects at the end of their concession periods: This Asset Class consists of those BOT
(Toll) / DBFOT (Toll) projects, whose concession periods shall end during the span of NMP 2.0
and the respective stretches will revert to NHAI. These stretches shall be available for
inclusion in the pool of stretches to be monetised through TOT/InvIT route.
#4. Project to be awarded under DBFOT (Toll) mode: DBFOT (Toll) projects that shall be
awarded during the period of NMP 2.0 have been considered as a separate Asset Class. The
monetisation potential for such projects is calculated based on the capital investment by the
private sector entity, net of any government support.
The following is a summary of the Asset Classes being considered for NMP 2.0:
Table 6: Asset Classes under highways
Asset Classes Details
#1. Stretches where user fee is accruing to NHAI 12,000 kms
#2. Under construction stretches where user fee will accrue to NHAI 4,700 kms
#3. Projects at the end of their concession periods 2,500 kms
#4. Project to be awarded under DBFOT (Toll) mode 2,100 kms
These projects cover locations across India and include large-scale upcoming developments of
long stretches in Andhra Pradesh, Bihar, Gujarat, Kerala, Maharashtra and Punjab. Some of the
larger projects that can be monetised include Delhi-Amritsar-Katra Expressway, Gurgaon-
Kotputli-Jaipur Bypass and Amritsar-Jamnagar Highway.
3.2.2 Monetisation target
The highways sector in India has tested multiple models for asset monetisation over the past
three decades. Use of InvIT and TOT models has gained pace over NMP 1.0. Ministry of Road
Transport & Highways and NHAI shall continue to leverage these models to monetise Asset
Classes #1, #2 and #3 mentioned in the table above.
Asset Class #4 in the table above shall contribute the private investment made in these public
assets. The capex estimate has been used as the value for the expected private investment in
these projects. This value has been considered after taking into consideration average
percentage of Viability Gap Funding (VGF) likely to be offered to highway projects.

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The following table provides the target for award of highway projects over FY26 to FY30, along with
the preferred mode of monetisation:
Table 7: TMV target for award of highway projects
(in INR Cr)
Asset Class TMV Target
Mode of
monetisation
#1. Stretches where user fee is accruing to NHAI 2,31,900 InvIT/ TOT model
#2. Under construction stretches where user fee will
accrue to NHAI
43,600 InvIT/ TOT model
#3. Projects at the end of their concession periods 60,000 InvIT/ TOT model
#4. Project to be awarded under DBFOT (Toll) mode 78,500 DBFOT (Toll) model
Total 4,14,000 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 8: Summary of year-wise TMV target for award of highway projects
(in INR Cr)
Asset Class TMV Target
FY26 FY27 FY28 FY29 FY30 Total
#1. Stretches where user
fee is accruing to NHAI
32,500
38,800

45,700

53,300

61,600

2,31,900
#2. Under construction
stretches where user
fee will accrue to NHAI

-

-

12,800

14,500

16,300

43,600
#3. Projects at the end of
their concession
periods

9,600

10,800

12,000

13,200

14,400

60,000
#4. Project to be awarded
under DBFOT (Toll)
mode

12,560

14,130

15,700

17,270

18,840

78,500
Total 54,660 63,730 86,200 98,270 1,11,140 4,14,000
This amount has been phased in a gradually increasing manner for highways over the NMP 2.0
period, as showcased in the ﬁgure below:

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3.2.3 Accrual of proceeds
The expected annual inflow and proceeds from these monetisation projects shall accrue to
different institutions / agencies based on the mode of monetisation and the implementing
agency of the project. In the case of highways, the proceeds from TOT and InvIT projects shall
flow to NHAI and shall ultimately accrue to Consolidated Fund of India, whereas the investment
in PPP projects shall be allocated as a direct investment (private). The year-wise amounts are
summarised in the following table:
Table 9: Summary of Cash-Flow by recipient/Private Investment from highway projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30) Flows for
the
period FY
31 and
beyond**
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
42,100 49,600 70,500 81,000 92,300 3,35,500 -
PSU allocation - - - - - - -
State
Consolidated
Fund
- - - - - - -
Direct
investment
1,884 8,400 13,816 15,386 16,956 56,442 22,058
Total 43,984 58,000 84,316 96,386 1,09,256 3,91,942 22,058
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30
Figure 13: Year-wise TMV target for award of highway projects
54,660
63,730
86,200
98,270
1,11,140 4,14,000
FY26 FY27 FY28 FY29 FY30 Total Target
Values in INR Cr

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B. Multi Modal Logistics Parks
3.2.4 Details of the Asset Classes
MMLPs are a vital category of projects for monetisation, given the increasing levels of freight
movement in the country and the pressing demand for more ejicient logistics services. The
Ministry of Road Transport & Highways envisages that these projects shall be developed using the
DBFOT model. Through this direct contractual method, projects shall attract private investment
for construction of the logistic parks, along with revenue share for the Central as well as State
Governments. In view of this, MMLPs are an important addition to the NMP 2.0. There are 15
MMLPs proposed in the NMP 2.0 period including those at Nashik, Anantapur, Pune, Hyderabad,
Varanasi, Visakhapatnam, Jammu, Coimbatore, Jogighopa, and Silchar.
Table 10: Asset Classes under MMLP
Asset Classes Details
#1. MMLP projects 15 parks
3.2.5 Monetisation target
Direct contractual methods such as the DBFOT model is being used to develop MMLP projects.
Accordingly, the above-mentioned Asset Class shall contribute the private investment made in
the MMLPs as monetisation. The capex estimate has been used as the value for the expected
private investment in these projects. Along with this, the projects are expected to entail revenue
sharing with the Government.
The following table provides the target for award of MMLP projects over FY26 to FY30, along with
the preferred mode of monetisation:
Table 11: TMV target for award of MMLP projects
(in INR Cr)
Asset Class TMV Target Mode of monetisation
#1. MMLP projects 18,000 DBFOT PPP model
Total 18,000 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 12: Summary of Year-wise TMV target for award of MMLP projects
(in INR Cr)
Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
#1. MMLP projects 2,880 3,240 3,600 3,960 4,320 18,000
Total 2,880 3,240 3,600 3,960 4,320 18,000

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For MMLPs, this amount has been phased in a gradually increasing manner over the NMP 2.0
period, as showcased in the ﬁgure below:
3.2.6 Accrual of proceeds
For MMLPs, the revenue share of the Government shall be attributable to both Central and State
Government agencies. Accordingly, the inflow shall be allocated to Consolidated Fund of India
and State Consolidated Fund as applicable. Further, these MMLP projects will have investment
from the private sector which shall be allocated as direct investment (private). The year-wise
amounts are summarised in the following table:
Table 13: Summary of Cash-Flow by recipient/Private Investment from MMLP projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30)
Flows
for the
period
FY 31
and
beyond*
*
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
50 109 177 255 343 935 3,565
PSU allocation - - - - - - -
State
Consolidated
Fund
50 109 177 255 343 935 3,565
Direct investment
(private)
216 675 1,188 1,683 1,863 5,625 3,375
Total 316 893 1,543 2,193 2,549 7,495 10,505
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30
Figure 14: Year-wise TMV target for award of MMLP projects
3,600
3,960
4,320
2,880
3,240
18,000
FY26 FY27 FY28 FY29 FY30 Total Target
Values in INR Cr

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C. Ropeways
3.2.7 Details of the Asset Classes
The identified ropeway projects include three projects in Uttarakhand (Govindghat – Hemkund
Sahib Ji, Sonprayag – Kedarnath Temple, Kathgodam – Hanumangarhi Temple), one in Arunachal
Pradesh (Tawang Monastery – PT Tso Lake), one in Assam (Kamakhya Temple) and one project in
Maharashtra (Brahmagiri to Anjaneri, Nashik). Each of these projects is being developed using
the DBFOT model and is expected to contribute investment made in the construction and
maintenance of the ropeways as monetisation.
The following is a summary of the Asset Classes being considered for NMP 2.0:
Table 14: Asset classes under ropeways
Asset Classes Details
#1. Ropeways projects 6 ropeways
3.2.8 Monetisation target
Given that the proposed mode of monetisation for ropeways is direct contractual in nature (BOT
model), the private investment in the development of these projects shall comprise the
monetisation value. Following table provides the target for award of ropeway projects over FY26
to FY30, along with the preferred mode of monetisation:
Table 15: TMV target for award of ropeway projects
Asset Class TMV Target Mode of monetisation
#1. Ropeway projects 10,000 BOT PPP model
Total 10,000 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 16: Summary of year-wise TMV target for award of ropeway projects
(in INR Cr)
Asset Class TMV Target
FY26 FY27 FY28 FY29 FY30 Total
#1. Ropeway projects 1,600 1,800 2,000 2,200 2,400 10,000
Total 1,600 1,800 2,000 2,200 2,400 10,000
For ropeway projects as well, this amount has been phased in a gradually increasing manner over
the NMP 2.0 period, as showcased in the ﬁgure below:

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Figure 15: Year-wise TMV target for award of ropeway projects
3.2.9 Accrual of proceeds
Ropeway projects are expected to attract investment for construction and maintenance. This
amount shall be accrued as direct investment (private). The year-wise amounts are summarised
in the following table:
Table 17: Summary of Cash-Flow by recipient/Private Investment from ropeway projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30)
Flows for
the
period FY
31 and
beyond*
*
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
- - - - - - -
PSU allocation - - - - - - -
State
Consolidated
Fund
- - - - - - -
Direct
investment
(private)
240 750 1,320 1,870 2,070 6,250 3,750
Total 240 750 1,320 1,870 2,070 6,250 3,750
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30

1,800
2,000
2,200
2,400 10,000
1,600
FY26 FY27 FY28 FY29 FY30 Total Target
Values are in INR Cr

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D. Summary of highways, MMLPs and ropeways
The following is a summary of above listed three sectors (highways, MMLPs and ropeways) under
the Ministry of Road Transport and Highways.
3.2.10 Monetisation target
The following table provides the target for award of projects over FY26 to FY30 for three sectors
(highways, MMLPs and ropeways).
Table 18: Year-wise TMV target for award of highways, MMLPs and ropeways projects
(in INR Cr)
Sectors TMV Target
FY26 FY27 FY28 FY29 FY30 Total
Highways 54,660 63,730 86,200 98,270 1,11,140 4,14,000
MMLPs 2,880 3,240 3,600 3,960 4,320 18,000
Ropeways 1,600 1,800 2,000 2,200 2,400 10,000
Total 59,140 68,770 91,800 1,04,430 1,17,860 4,42,000
3.2.11 Accrual of proceeds
As seen in the sections on each of these sectors, the inﬂow from the monetisation projects of
these three sectors comprises direct investment, revenue share of the Government and its
agencies and State-level accruals. The year-wise amounts are summarised in the following table:
Table 19: Summary of Cash-Flow by recipient/Private Investment from highways, MMLPs
and ropeways projects
(in INR Cr)
Accrual heads
During NMP 2.0 period (FY26 to FY30)
Flows for
the period
FY 31 and
beyond**
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
42,150 49,709 70,677 81,255 92,643 3,36,435 3,565
PSU allocation - - - - - - -
State
Consolidated
Fund
50 109 177 255 343 935 3,565
Direct investment
(private)
2,340 9,825 16,324 18,939 20,889 68,317 29,183
Total 44,540 59,643 87,179 1,00,449 1,13,875 4,05,687 36,313
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30

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3.3 Railways
3.3.1 Details of the Asset Classes
The plan for monetisation of railway assets shall help in modernisation of both freight as well as
passenger movement in India. Under NMP 2.0, Ministry of Railways plans to set-up multiple Gati
Shakti Multi-Modal Cargo Terminals (GCTs), thus establishing numerous cargo terminals
equipped with advanced facilities to handle dijerent types of cargo. The monetisation plan also
includes redevelopment of railway stations and their surrounding estate, resulting in discernible
improvement in passenger experience and safety. Apart from this, the plan shall also lead to
commercial development of multiple rail land parcels and redevelopment of railway quarters.
The following is an overview of the Asset Classes for the railways sector under NMP 2.0:
#1. Freight terminals of Indian Railways: GCTs are critical to the modernisation of India’s freight
ecosystem and to increase the share of Indian Railways in cargo trajic. Under this Asset
Class, over 200 GCTs are targeted to be set-up/improved using the Design-Build-Operate-
Railways

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Maintain (DBOM) PPP model. This is expected to attract in private investment, thus
beneﬁtting monetisation ejorts.
#2. Freight trains: Private Investment is expected in procurement of wagons for about 180 freight
trains under the Design-Build-Operate (DBO) model. This is expected to attract private
investment and thus beneﬁtting the monetisation ejorts.
#3. Dedicated Freight Corridor Corporation of India Limited (DFCCIL) freight terminals: This
Asset Class concerns GCTs under the purview of DFCCIL which are expected to attract
private investment in their development.
#4. Station estate of railway stations: Ministry of Railways plans to rebuild/improve select
stations by modernising facilities and expanding commercial spaces. It also plans to upgrade
stations so that they serve as ‘City Centres’ with large commercial spaces for the general
public (shopping, leisure, meetings, stay etc.). There is also focus on ‘Transit Oriented
Development’ by strengthening access roads and developing multi-modal connectivity to
and from a given station.
Under this Asset Class, the Ministry seeks to monetise stations that are being developed on
EPC basis. Once operational, the Operate-Maintain-Transfer (OMT) model shall be leveraged
to generate a revenue share for the Ministry of Railways from these contractual arrangements.
#5. Station development under PPP: This refers to stations being developed using the DBFOT
model. The expected monetisation value shall be in the form of the private investment in the
construction and major maintenance of the stations.
#6. Other land assets: This Asset Class involves monetisation of railway land assets (for railway
stations, quarters and commercial development) by using PPP models. The monetisation
proceeds shall comprise the upfront premium and revenue share expected from the private
entity, along with the private investment in these assets.
#7. Equity divestment of Rail PSUs: This Asset Class involves partial equity divestment in rail
PSUs. The proceeds from this divestment are expected to be reinvested back in development
of rail infrastructure.
The following is a summary of the Asset Classes being considered for NMP 2.0:
Table 20: Asset Classes under railways
Asset Classes Details
#1. Freight terminals of Indian Railways 200 GCTs under Indian Railways
#2. Freight trains Wagons in 180 freight trains
#3. DFCCIL freight terminals GCTs under DFCCIL
#4. Station estate of railway stations 200 railway stations
#5. Station development under PPP 15 railway stations
#6. Other land assets Railway quarters and commercial development
across several locations
#7. Equity divestment of Rail PSUs Partial equity divestment of Government holding
in seven rail PSUs

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The above assets have been selected in railways sector to successfully achieve the target over
the ﬁve-year period of NMP.
3.3.2 Monetisation target
As mentioned above, Asset Classes #1 to #6 shall use the direct contractual method for
monetisation, mostly in the form PPP contacts. Monetisation value is expected in the form of
investment for development by the private sector, as well as revenue share attributable to
Ministry of Railways from these contractual arrangements.
The following table provides the target for award of railway projects over FY26 to FY30, along with
the preferred mode of monetisation:
Table 21: TMV target for award of railway projects
Asset Class
Target (in INR
Cr)
Mode of monetisation
#1. Freight terminals of Indian Railways
18,000
Design-Build-Operate-Maintain
(DBOM)
#2. Freight trains 6,700 Design-Build-Operate (DBO)
#3. DFCCIL freight terminals 2,600 DBFOT
#4. Station estate of railway stations 1,00,000 OMT
#5. Station development under PPP 7,500 DBFOT
#6. Other land assets 43,800 PPP model
#7. Partial equity divestment of Rail
PSUs
83,700
IPO/FPO
Total 2,62,300 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 22: Summary of year-wise TMV target for award of railway projects
(in INR Cr)
Asset Class Target (in INR Cr)
FY26 FY27 FY28 FY29 FY30 Total
#1. Freight terminals of
Indian Railways
4,600 3,675 3,085 3,240 3,400 18,000
#2. Freight trains 1,580 1,400 1,200 1,240 1,280 6,700
#3. DFCCIL freight
terminals
520 520 520 520 520 2,600
#4. Station estate of
railway stations
21,591 22,045 9,659 30,114 16,591 1,00,000

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Asset Class Target (in INR Cr)
FY26 FY27 FY28 FY29 FY30 Total
#5. Station development
under PPP
1,289 2,411 1,300 700 1,800 7,500
#6. Other land assets 7,000 11,400 10,700 5,500 9,200 43,800
#7. Equity divestment of
Rail PSUs
4,000 17,000 24,000 17,900 20,800 83,700
Total 40,580 58,451 50,464 59,214 53,591 2,62,300
For railway projects, the phasing of this amount is almost equally distributed across the NMP 2.0
period, as showcased in the ﬁgure below:
3.3.3 Accrual of proceeds
The annual inflow of revenue share from monetisation projects of the railways sector shall accrue
to the Ministry of Railways, and ultimately to Consolidated Fund of India. The investment in
partnership projects shall accrue to the direct investment head. This is summarised in the
following table:
Table 23: Summary of Cash-Flow by recipient/Private Investment from railway projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30) Flows for
the period
FY 31 and
beyond**
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
5,171 19,453 27,308 22,952 27,404 1,02,288 1,10,612
PSU allocation - - - - - - -
40,580
58,451
50,464
59,214
53,591 2,62,300
FY26 FY27 FY28 FY29 FY30 Total Target
Value are in INR Cr
Figure 16: Year-wise TMV target for award of railway projects

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Accrual heads During NMP 2.0 period (FY26 to FY30) Flows for
the period
FY 31 and
beyond**
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
State
Consolidated
Fund
- - - - - - -
Direct investment
(private)
1,573 5,308 9,239 11,341 9,903 37,364 12,036
Total 6,744 24,761 36,547 34,292 37,307 1,39,652 1,22,648
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30

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3.4 Power
3.4.1 Details of the Asset Classes
Power sector assets identiﬁed for monetisation under NMP 2.0 are aligned with the sector’s
objectives of ejicient capital recycling and enhanced private participation. The approach
emphasizes leveraging established operational assets to mobilize resources for future
investments in renewable energy, grid modernization and transmission expansion. Broadly, the
identiﬁed Asset Classes include securitisation of select operational power generation and
transmission projects of PSUs, as well as partial equity divestment of select subsidiaries. The
selected assets are in line with the gradual shift towards green energy sources, which are also the
preferred investment option for investors. Following is an overview of the Asset Classes in the
Power sector for NMP 2.0:
#1. Operational hydro assets of NHPC and SJVN: This Asset Class includes eight hydro power
stations of NHPC and two hydro power stations of SJVN. The preferred mode of monetisation
is the securitization of future cash ﬂows by the PSUs.
Power

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#2. Transmission assets of PGCIL: PGCIL plans to monetise its transmission assets through
securitization of its respective annuity revenues.
#3. Inter State Transmission Lines (ISTL): The Ministry of Power recognised the need for timely
and substantial investment required for the upkeep of ISTL decades ago and has since made
consistent ejorts to increase competition in provision of transmission services. ISTL projects
are awarded on Build-Own-Operate-Transfer (BOOT) mode through tarij based competitive
bidding. Investments made in these partnership projects shall be the monetisation value
considered under NMP 2.0.
#4. Equity dilution of the step-down subsidiaries of PSUs: This Asset Class involves partial
equity divestment in the subsidiaries of PSUs. The proceeds from this divestment shall be the
monetisation value.
The following is a summary of the Asset Classes being considered for NMP 2.0:
Table 24: Asset classes under power
Asset Classes Details
#1. Operational hydro power stations of NHPC and SJVN 4,881 MW
#2. PGCIL transmission assets 15,295 ckm
#3. ISTL 22,000 ckm
#4. Equity dilution of the step-down subsidiaries of PSUs Equity dilution
3.4.2 Monetisation target
The approach for monetisation focuses on leveraging both market-linked instruments (such as
securitization of future cashﬂows) and equity divestment routes to unlock value from operational
assets.
Hydro generation assets of NHPC and SJVN (Asset Class #1) in the table above are proposed to
be monetised through securitization of future cash ﬂows derived from long-term Power Purchase
Agreements (PPAs). The monetisation potential has been computed by discounting the expected
annual cash inﬂows.
Asset Class #2 comprising transmission assets, operated by PGCIL, are proposed to be
monetised through securitization of annuity revenues, based on prevailing market benchmarks
for similar transactions.
ISTL (Asset Class #3) holds the largest share of the power sector’s monetisation target. It shall
use direct contractual models (BOOT model) for development and operations.
Equity dilution opportunities identiﬁed under PSUs (Asset Class #4 in the table above) pertain to
subsidiaries engaged in generation and renewable energy. Their potential has been assessed
using market-based valuation approaches, including relative valuation multiples of listed peers
and precedent transactions.
This blended approach allows for a balance between debt market monetisation (via
securitization), equity capital unlocking (via divestment), while maintaining operational and
regulatory continuity across power sector entities.

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The following table provides the target for award of power projects over FY26 to FY30, along with
the preferred mode of monetisation:
Table 25: TMV target for award of power projects
(in INR Cr)
Asset Class Target
Mode of
monetisation
#1. Operational hydro power stations of NHPC and SJVN 12,000 Securitization
#2. PGCIL transmission assets 33,500 Securitization
#3. ISTL 2,00,000 BOOT
#4. Equity dilution of the step-down subsidiaries of PSUs 31,000 IPO/FPO
Total 2,76,500 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 26: Summary of year-wise TMV target for award of power projects
(in INR Cr)
Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
#1. Operational hydro power
stations of NHPC and SJVN
2,700 1,300 3,000 2,500 2,500 12,000
#2. PGCIL transmission assets - 3,350 6,700 10,050 13,400 33,500
#3. ISTL 47,200 45,800 44,000 39,675 23,325 2,00,000
#4. Equity dilution of the step-
down subsidiaries of PSUs
- 4,000 9,000 2,500 15,500 31,000
Total 49,900 54,450 62,700 54,725 54,725 2,76,500
For the power sector, the mid-point of the NMP 2.0 period has the largest target, as showcased in
the ﬁgure below. This is due to higher targets for ISTL projects during the initial part of the NMP
2.0 period.
49,900
54,450
62,700
54,725
54,725 2,76,500
FY26 FY27 FY28 FY29 FY30 Total Target
Value are in INR Cr
Figure 17: Year-wise TMV target for award of power projects

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3.4.3 Accrual of proceeds
The monetisation projects in the Power sector under NMP 2.0 shall be undertaken by PSUs.
Accordingly, the annual proceeds from securitization and equity divestment shall accrue to the
PSUs. The investment in ISTL projects shall accrue to the direct investment head. This is
summarised in the following table:
Table 27: Summary of Cash-Flow by recipient/Private Investment from power projects
(in INR Cr)
Accrual heads
During NMP 2.0 period (FY26 to FY30) Flows
for the
period
FY 31
and
beyond
**
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
- - - - - - -
PSU allocation 2,700 8,650 18,700 15,050 31,400 76,500 -
State
Consolidated
Fund
- - - - - - -
Direct
investment
(private)
7,080 30,470 46,020 43,981 38,736 1,66,288 33,712
Total 9,780 39,120 64,720 59,031 70,136 2,42,788 33,712
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30

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3.5 Petroleum and natural gas
3.5.1 Details of the Asset Classes
The assets in the Petroleum and Natural Gas sector which have been identiﬁed for monetisation
during FY26 to FY30 are expected to unlock value from operational assets and commercially
viable infrastructure, while safeguarding fuel security and maintaining regulatory continuity. The
asset pipeline includes a mix of brownﬁeld and greenﬁeld projects spread across the gas
distribution, pipeline, storage and upstream segments. These comprise revenue-generating
midstream assets, market-linked utility infrastructure and select upstream ﬁelds with extractable
reserves. In addition, partial equity divestment has been proposed in identiﬁed subsidiaries to
mobilise capital for future sectoral investments. Following is an overview of the Asset Classes
under the petroleum and natural gas sector for NMP 2.0:
#1. Equity dilution in GAIL Gas: GAIL (India) Limited provides city gas distribution services
through its Joint Venture Companies (JVCs) and subsidiaries. One of GAIL’s city gas
distribution subsidiaries is Gail Gas Limited which also has similar JVCs under it. Given this
multitude of entities and the need for streamlining this service, Ministry of Petroleum and
Petroleum and natural gas

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Natural Gas has proposed to transfer the holdings of GAIL (India) Limited in its city gas
distribution companies to GAIL Gas Limited (through demerger/share transfer)
4
. Once this is
completed, GAIL Gas Limited shall be monetised through primary and secondary stake sale.
Proceeds from this sale of equity shall constitute its monetisation value.
#2. Dark optic ﬁbre teasing: Many Petroleum and Natural Gas PSUs/JVCs/subsidiaries own and
operate optical ﬁbre cable networks along the right of ways of their pipelines. About 11,000
kms of dark ﬁbre in this network shall be leased to service providers.
#3. Storage facilities for liquids and gases: Indian Oil has undertaken to expand its Panipat
Reﬁnery from 15 MMTPA to 25 MMTPA by constructing oj-site tankages and storage facilities.
Indian Oil shall use the BOOT model for this expansion. This mode of monetisation shall
provide advantages such as averting upfront capital expenditure, unlocking value from future
usage rights or operational revenues, and retaining ultimate ownership post-transfer. For
NMP 2.0, capital investment in creation of these facilities shall be the monetisation value.
#4. Discovered Small Fields (DSFs): Government of India aims to discover all types of
Petroleum and Natural Gas resources so that they can be explored and developed for
production in accordance with modern oil ﬁeld and petroleum industry practices. The goal is
to boost domestic production and reduce dependence on imports.
To enable this, Ministry of Petroleum and Natural Gas has formulated a Discovered Small
Field Policy (2015) that provides incentives for leveraging private sector investment and
expertise.
Presently, the Ministry is undertaking a third round of competitive bidding for Discovered
Small Fields (this round commenced in 2021 and is expected to run during the duration of
NMP 2.0). Under this round, 75 discoveries have been ojered. The revenue share from these
projects under the contractual terms shall constitute the monetisation value.
The following is a summary of the Asset Classes being considered for monetisation under
NMP 2.0:
Table 28: Asset Classes under petroleum and natural gas
Asset Classes Details
#1. Equity dilution in GAIL Gas Through IPO of minority stake
#2. Dark optic fibre leasing 11,301 kms
#3. Storage facilities for liquids and gases 10 MMTPA
#4. Discovered Small Fields (DSFs) Based on extractable reserves
3.5.2 Monetisation target
Under NMP 2025–30, the monetisation framework focuses on leveraging market-linked
instruments, competitive bidding, and equity divestment to unlock value from gas distribution,
storage, pipeline-integrated infrastructure, and select upstream assets.
As mentioned above, for city gas distribution entities, partial equity divestment is proposed as
the primary mode of monetisation (Asset Class #1 in the table above). The potential monetisation

4
For city gas distribution companies that are in JVs with private partners, only GAIL (India) Limited shareholding is contributed to GAIL
Gas Limited; private partners shall retain their stakes.

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value has been assessed using established market-based valuation approaches, including
relative valuation multiples of listed city gas distribution peers and precedent transaction
benchmarks.
Leasing of dark optic ﬁbre (Asset Class #2) along the existing gas pipeline network represents an
annuity-based monetisation avenue. The monetisation potential has been computed by
discounting expected lease rentals and bandwidth usage charges over the contract period,
aligned with prevailing benchmarks in the domestic telecom-infrastructure leasing market.
For Asset Class #3, petroleum storage facilities for liquids and gases, monetisation value
comprises private investment.
Asset Class #4 comprising Discovered Small Fields are proposed to be monetised through
competitive bidding under a production-linked concession model. The potential monetisation
value has been estimated based on upfront payments, revenue share committed to the
Government, and royalty inﬂows over the ﬁeld life, calibrated to reserve potential and expected
production proﬁles.
The following table provides the target for award of Petroleum and Natural Gas projects over FY26
to FY30, along with the preferred mode of monetisation:
Table 29: TMV target for award of petroleum and natural gas projects
(in INR Cr)
Asset Class Target Mode of monetisation
#1. Equity dilution of GAIL Gas 3,100 IPO/FPO
#2. Dark optic fibre leasing 400 Lease
#3. Storage facilities for liquids and gases 5,300 BOOT
#4. Discovered Small Fields (DSF) 7,500 PPP models
Total 16,300 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 30: Summary of year-wise TMV target for award of petroleum and natural gas
projects
(in INR Cr)
Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
#1. Equity divestment of
GAIL Gas
- - 3,100 - - 3,100
#2. Dark optic fibre
leasing
90 138 58 57 57 400
#3. Storage facilities for
liquids and gases
2,650 2,650 - - - 5,300

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Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
#4. Discovered Small
Fields (DSF)
1,500 1,500 1,500 1,500 1,500 7,500
Total 4,240 4,288 4,658 1,557 1,557 16,300
The phasing of this amount for the petroleum and natural gas sector is higher in the earlier years
of the NMP 2.0 period, as showcased in the ﬁgure below.
3.5.3 Accrual of proceeds
The Asset Classes under the Petroleum and Natural Gas sector shall be overseen by respective
PSUs. Accordingly, the annual proceeds shall accrue to the PSUs. This is summarised in the
following table:
Table 31: Summary of Cash-Flow by recipient/Private Investment from petroleum and
natural gas projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30) Flows for
the period
FY 31 and
beyond**
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated Fund
of India
- - - - - - -
PSU allocation 451 879 4,067 1,142 1,327 7,866 8,434
State Consolidated
Fund
- - - - - - -
4,288
4,658
1,557
1,557 16,300
4,240
FY26 FY27 FY28 FY29 FY30 Total Target
Value are in INR Cr
Figure 18: Year-wise TMV target for award of petroleum and natural gas projects

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Accrual heads During NMP 2.0 period (FY26 to FY30) Flows for
the period
FY 31 and
beyond**
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Direct investment
(private)
- - - - - - -
Total 451 879 4,067 1,142 1,327 7,866 8,434
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30

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3.6 Civil aviation
3.6.1 Details of the Asset Classes
The Ministry of Civil Aviation has successfully leveraged the PPP model to develop key airports in
India, spearheading the use of the OMDA model. For NMP 2.0, 26 airports have been identiﬁed
and are planned to be developed using the OMDA model. Additionally, divestment of Airports
Authority of India (AAI)’s stake in one of its subsidiaries and in four Joint Venture (JV) airports is
proposed. Following is an overview of the Asset Classes under the civil aviation sector for NMP
2.0:
#1. AAI Airports: AAI shall use the OMDA model for private sector participation in operations,
management, expansion of the identiﬁed existing 26 airports. These are brownﬁeld airports
that have been assessed to have the potential to attract private investment for major
development and operations.
Civil aviation

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The airports mentioned above have been divided into three bundles and are to be bid out
during the ﬁve-year period between FY26 to FY30. Ministry of Civil Aviation plans to
commence with the bid process with eleven airports.
#2. Divestment of AAI holdings in subsidiaries/ JVs: AAI holds equity stake in one subsidiary
and four JV airports. Partial equity dilution in these entities through private
placement/IPO/FPO. The proceeds from this divestment shall be the monetisation value.
The following is a summary of the Asset Classes being considered for NMP 2.0:
Table 32: Asset classes under civil aviation
Asset Classes Details
#1. AAI Airports 26 airports
#2. Divestment of AAI holdings in subsidiaries/JVs Divestment of AAI holdings in five entities
(one subsidiary and four JV airports)
3.6.2 Monetisation target
Ministry of Civil Aviation shall continue its use of the OMDA model to redevelop 26 airports under
the purview of AAI (Asset Class #1 in the table above). Use of this direct contractual method for
monetisation will result a revenue stream to AAI in the form of passenger fee revenue per airport.
This has been determined based on projected passenger traffic and average per passenger fee
for these different airports. Further, AAI shall recover the investment that it has already made in
these airports from the private entity in the form of an upfront fee per airport. Together, these
forms of revenue shall be the monetised value from these airports.
Asset Class #2 in the table above concerns divestment of AAI’s stake in JV airports and one of its
subsidiaries. Market-based valuation approach has been used to determine the proceeds from
this initiative.
The following table provides the target for award of civil aviation projects over FY26 to FY30, along
with the preferred mode of monetisation:
Table 33: TMV target for award of civil aviation projects
(in INR Cr)
Asset Class Target Mode of monetisation
#1. AAI Airports 14,950 OMDA
#2. Divestment of AAI holdings in
subsidiaries/JVs
12,550 IPO/FPO/ Private
placement
Total 27,500 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:

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Table 34: Summary of year-wise TMV target for award of civil aviation projects
(in INR Cr)
Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
#1. 26 AAI Airports - 6,283 2,587 1,134 4,946 14,950
#2. Divestment of AAI
holdings in
subsidiaries/JVs
- 2,800 2,950 2,900 3,900 12,550
Total - 9,083 5,537 4,034 8,846 27,500
For civil aviation, award of AAI airport projects (Asset Class #1) is expected in FY27 and beyond,
starting with the largest bundle of 11 airports (resulting in a higher target in FY27).
3.6.3 Accrual of proceeds
Both Asset Classes under the civil aviation sector shall be overseen by AAI. Accordingly, the
inflow in the form of upfront fee, revenue share and divestment proceeds shall be allocated to
AAI, which is a PSU. This is summarised in the following table:
Table 35: Summary of Cash-Flow by recipient/Private Investment from civil aviation
projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30) Flows for
the period
FY 31 and
beyond**
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
- - - - - - -
-
9,083
5,537
4,034
8,846 27,500
FY26 FY27 FY28 FY29 FY30 Total Target
Value are in INR Cr
Figure 19: Year-wise TMV target for award of civil aviation projects

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Accrual heads During NMP 2.0 period (FY26 to FY30) Flows for
the period
FY 31 and
beyond**
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
PSU allocation - 6,368 5,717 3,087 8,202 23,374 4,126
State
Consolidated
Fund
- - - - - - -
Direct investment
(private)
- - - - - - -
Total - 6,368 5,717 3,087 8,202 23,374 4,126
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30

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3.7 Ports
3.7.1 Details of the Asset Classes
The Ministry of Ports, Shipping and Waterways has been leveraging private sector expertise for
development and operations of its infrastructure and provision of its core services for decades.
Models used in this sector include various versions of PPPs as well as involvement of private
entities in the establishment of captive port facilities. Following is an overview of the Asset
Classes in the ports sector for NMP 2.0:
#1. Terminals, berths, jetties, other core port infrastructure: 44 core port infrastructure
projects have been identiﬁed for NMP 2.0, involving terminals, berths and jetties. These
projects shall be monetised using private sector expertise and ﬁnancing, mostly through PPP
models. The underlying assets for these projects are brownﬁeld, overseen by the respective
Major Port Authorities. The private investment and premium/revenue share from these
contractual arrangements shall be the monetisation value.
#2. Hospitals under the purview of Major Ports Authorities: Redevelopment of four hospitals
under the purview of the Major Ports Authorities has been envisaged. Similar to the above
Ports

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Asset Class #1, the private investment and premium/revenue share from these contractual
arrangements shall be the monetisation value.
#3. Land under the purview of Major Ports Authorities: Apart from infrastructure projects,
monetisation of select land parcels belonging to the Major Port Authorities has been
considered. The expectation is to award these land parcels for development using PPP
models. This shall allow for utilisation of an existing asset (land) and lead to its development
in line with a contractual arrangement that shall deﬁne the land use.
The following is a summary of the Asset Classes being considered for NMP 2.0:
Table 36: Asset classes under ports
Asset Classes Details
#1. Terminals, berths, jetties, other core port infrastructure 44 projects
#2. Hospitals under the purview of Major Ports Authorities 4 hospitals
#3. Land under the purview of Major Ports Authorities Multiple locations
3.7.2 Monetisation target
Both Asset Class #1 and Asset Class #2 in the table above will use the direct contractual method,
mostly in the form PPP contacts. For the development of terminals, berths, jetties, other port
infrastructure (Asset Class #1), the monetisation value includes revenue to the Major Port
Authorities in the form of premium and vessel charges for different types of cargo (types of bulk
and container cargo), along with the private sector investment for the development of the
concerned infrastructure project.
Four hospitals have been included for monetisation under NMP 2.0 (Asset Class #2).
Monetisation value is expected in the form of investment for development by the private sector,
as well as revenue share attributable to the respective Major Port Authorities from these
contractual arrangements.
Asset Class #3 in the table above involves leasing port authority land parcels in multiple locations
across the Major Ports. Market approach has been used to estimate the upfront value and
lease/revenue share accruing to the Major Port Authorities from this monetisation model. Private
investment is also expected in the development of the land parcels.
The following table provides the target for award of port projects over FY26 to FY30, along with the
preferred mode of monetisation:
Table 37: TMV target for award of port projects
(in INR Cr)
Asset Class Target Mode of monetisation
#1. Terminals, berths, jetties, other core
port infrastructure
1,19,700 PPP models (e.g. BOT,
DBFOT)/ Captive
#2. Hospitals under the purview of Major
Ports Authorities
1,000 PPP models (e.g. BOT,
DBFOT)

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Asset Class Target Mode of monetisation
#3. Land under the purview of Major Ports
Authorities
1,43,000 PPP based development
Total 2,63,700 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 38: Summary of year-wise TMV target for award of port projects
(in INR Cr)
Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
#1. Terminals, berths,
jetties, other core port
infrastructure
23,954 23,954 23,954 23,954 23,884 1,19,700
#2. Hospitals under the
purview of Major Ports
Authorities
200 200 200 200 200 1,000
#3. Land under the
purview of Major Ports
Authorities
16,700 31,575 31,575 31,575 31,575 1,43,000
Total 40,854 55,729 55,729 55,729 55,659 2,63,700
For ports, this amount has been phased largely uniformly over the NMP 2.0 period, as showcased
in the ﬁgure below:
3.7.3 Accrual of proceeds
All the monetisation projects identified in the ports sector shall be implemented by the Major Port
Authorities. Similar to the treatment for PSUs, this revenue share shall accrue to the respective
55,729
55,729
55,659
40,854
55,729
2,63,700
FY26 FY27 FY28 FY29 FY30 Total Target
Value are in INR Cr
Figure 20: Year-wise TMV target for award of port projects

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Port Authorities. The investment in partnership projects shall accrue to the direct investment
head. This is summarised in the following table:
Table 39: Summary of Cash-Flow by recipient/Private Investment from port projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30)
Flows
for the
period
FY 31
and
beyond
**
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
- - - - - - -
Port Authority
allocation
152 442 747 1,606 2,347 5,294 91,607
State
Consolidated
Fund
- - - - - - -
Direct investment
(private)
3,519 12,415 23,167 32,747 35,837 1,07,686 59,114
Total 3,671 12,857 23,915 34,352 38,184 1,12,979 1,50,721
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30

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3.8 Warehousing and storage
3.8.1 Details of the Asset Classes
The Department of Food and Public Distribution of the Ministry of Consumer Ajairs, Food and
Public Distribution has been testing the use of PPP models for warehousing and silo development
through two of its corporations—Food Corporation of India (FCI) and Central Warehousing
Corporation (CWC). The schemes implemented by FCI and CWC to attract private sector
investment and expertise for the development of its storage assets form a major part of their
monetisation plan.
The following is a summary of the Asset Classes under the warehousing and storage sector for
NMP 2.0:
#1. Warehouse – 10-year PEG scheme (FCI): Under the Private Entrepreneurs Guarantee (PEG)
Scheme, storage capacity is created by private parties, the use of which is guaranteed by FCI.
The scheme attracts private investment in the construction of this storage capacity. 50 LMT
capacity is expected to be developed under this Asset Class under NMP 2.0 using the Design-
Warehousing and storage

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Build-Finance-Own-Operate (DBFOO) model. Private investment in the generation of this
capacity shall be the monetisation value.
#2. Warehouse – 15-year PEG scheme (FCI): This Asset Class is similar to the one above, expect
that it focuses on augmenting storage capacity in the North-Eastern region of the country.
Under this Scheme, funds are released directly to FCI for land acquisition and construction
of storage godowns, along with peripheral infrastructure such as railway sidings and
weighbridges. The Government also provides direct grants to this region (along with Jammu &
Kashmir) to address the challenging logistical conditions in these areas. Once the godowns
are constructed, a guarantee period of 15 years is allowed wherein FCI hires these godowns
and pays the charges. This private investment in the creation of warehouses shall be the
monetisation value.
#3. Modernization of existing infrastructure – CWC warehouses: CWC has been collaborating
with the private sector for numerous initiatives, such as modernization of its conventional
warehouses (in Tier-I and Tier-II cities) and development of cold storage facilities. CWC has
proposed upgradation of its warehouses at 54 locations using the DBFOT PPP model during
the duration of NMP 2.0. The private investment in this development shall be the monetisation
value.
#4. Construction of silos (FCI): FCI has undertaken to develop silos under its Scheme of
‘Construction of Silos under PPP mode’. It deploys the ‘hub and spoke’ model and integrates
multiple modes of transport with bulk storage facilities and ejicient logistical movement.
Under NMP 2.0, FCI will use the DBFOO PPP model to develop 25 LMT of capacity on these
lines. The private investment that is secured in the generation of this capacity shall be the
monetisation value.
#5. FCI land assets in category A (land asset): FCI has identiﬁed land parcels in locations where
there is a need for upgradation of storage capacity as well. It will monetise these land parcels
using PPP models to develop additional storage.
The following is a summary of the Asset Classes being considered for NMP 2.0:
Table 40: Asset classes under warehousing and storage
Asset Classes Details
#1. Warehouse – 10-year PEG scheme (FCI) 50 LMT
#2. Warehouse – 15-year PEG scheme (North-East) (FCI) 3 LMT
#3. Modernization of existing infrastructure – CWC warehouses 54 locations
#4. Construction of silos (FCI) 25 LMT
#5. FCI land assets in category A (land asset) Multiple locations
3.8.2 Monetisation target
As showcased above, FCI and CWC have selected assets aligned with their Schemes for
encouraging private sector participation. Accordingly, Asset Classes #1 to #4 in the table above
shall use the direct contractual method, mostly in the form PPP contacts, including the DBFOO
model. Monetisation value is expected in the form of investment for development by the private
sector.

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Asset Classes #5 shall involve leasing FCI land parcels for developing storage infrastructure. The
private investment inflow to develop the envisaged storage facilities on these land parcels shall
be the monetisation benefit from this Asset Class.
The following table provides the target for award of warehousing and storage projects over FY26
to FY30, along with the preferred mode of monetisation:
Table 41: TMV target for award of warehousing and storage projects
(in INR Cr)
Asset Class Target Mode of monetisation
#1. Warehouse – 10-year PEG scheme (FCI) 4,500 DBFOO
#2. Warehouse – 15-year PEG scheme (North-
East) (FCI)
890 DBFOO
#3. Modernization of existing infrastructure –
CWC warehouses
1,000 DBFOT
#4. Construction of silos (FCI) 2,650 DBFOO
#5. FCI land assets in category A (land asset) 960 PPP based development
Total 10,000 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 42: Summary of year-wise TMV target for award of warehousing and storage projects
(in INR Cr)
Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
#1. Warehouse – 10-year
PEG scheme (FCI)
1,600 900 900 500 600 4,500
#2. Warehouse – 15-year
PEG scheme (North-
East) (FCI)
148 148 296 148 150 890
#3. Modernization of
existing infrastructure
– CWC warehouses
250 220 200 170 160 1,000
#4. Construction of silos
(FCI)
2,000 545 105 - - 2,650
#5. FCI land assets in
category A (land asset)
320 - 440 140 60 960
Total 4,318 1,813 1,941 958 970 10,000

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FY26 has the highest target for warehousing and storage because of the relatively larger award
targets for Asset Classes #1 and #4.

3.8.3 Accrual of proceeds
As mentioned in the preceding section, the monetisation value for all the Asset Classes under
the warehousing and storage sector is in the form of investment from private entities.
Accordingly, this value shall be allocated under the direct investment head. This is summarised
in the following table:
Table 43: Summary of Cash-Flow by recipient/Private Investment from warehousing and
storage projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30) Flows for
the
period FY
31 and
beyond
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)
Consolidated
Fund of India
- - - - - - -
PSU allocation - - - - - - -
State
Consolidated
Fund
- - - - - - -
Direct
investment
(private)
648 2,431 2,709 1,749 1,304 8,840 1,160
Total 648 2,431 2,709 1,749 1,304 8,840 1,160
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30
1,813
1,941 958 970 10,000
4,318
FY26 FY27 FY28 FY29 FY30 Total Target
Value are in INR Cr
Figure 21: Year-wise TMV target for award of warehousing and storage projects

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3.9 Urban infrastructure
3.9.1 Details of the Asset Classes
The Ministry of Housing and Urban Ajairs has proposed sale of built-up area at various locations
in New Delhi and using these proceeds for development of General Pool Residential
Accommodation (GPRA) colonies. This upgradation of GPRA colonies has been a long-standing
priority of the Government because housing facilities available for Government ojicials are not
adequate to accommodate and fulﬁl current requirements. Further, the condition of the existing
dwelling structures in many locations has weakened over the years and is in urgent need of
redevelopment.
The mode of monetisation for both Asset Classes is commercial sale of built-up area with pre-
determined use of proceeds (proceeds shall be ringfenced for the redevelopment of the identiﬁed
urban infrastructure projects). The inﬂow from the sale of the built-up area shall be the
monetisation value.

Urban infrastructure

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The following is a summary of the Asset Classes being considered for NMP 2.0:
Table 44: Asset classes under urban infrastructure
Asset Classes Details
#1. Monetisation of ongoing projects
(Redevelopment of 7 GPRA Colonies)
Sale of Built-up Area at Sarojini Nagar
#2. Monetisation of projects under
conceptualization (NTPC Land
Parcels at Badarpur and other GPRA
land across Delhi)
• Redevelopment of NTPC Land Parcels at
Badarpur
• Redevelopment of GPRA land across Delhi
3.9.2 Monetisation target
As mentioned above, Asset Class #1 shall involve sale of built-up area of the Ministry’s land
parcels in New Delhi and using the proceeds for developing seven GPRA colonies. Asset Class
#2 shall involve redevelopment of NTPC land parcels at Badarpur, New Delhi. This project is at
the conceptualization stage as of FY26; however, it is expected to be executed within the NMP 2.0
window. The market approach has been used to estimate the upfront value accruing to the
Ministry from this monetisation model.
The following table provides the target for award of urban infrastructure projects over FY26 to
FY30, along with the preferred mode of monetisation:
Table 45: TMV target for award of urban infrastructure projects
(in INR Cr)
Asset Class Target
Mode of
monetisation
#1. Monetisation of ongoing projects
(Redevelopment of 7 GPRA Colonies)
20,000 Commercial sale
#2. Monetisation of projects under
conceptualization (NTPC Land Parcels at
Badarpur and other GPRA land across Delhi)

32,000 PPP mode
Total 52,000 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 46: Summary of year-wise TMV target for award of urban infrastructure projects
(in INR Cr)
Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
#1. Monetisation of
ongoing projects
- 5,000 5,000 5,000 5,000 20,000

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Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
(Redevelopment of 7
GPRA Colonies)
#2. Monetisation of
projects under
conceptualization
(NTPC Land Parcels
at Badarpur and
other GPRA land
across Delhi)
- - - 16,000 16,000 32,000
Total - 5,000 5,000 21,000 21,000 52,000
For the urban infrastructure sector, Asset Class #2 is presently under conceptualisation and the
award is expected in the later part of the NMP 2.0 period.
3.9.3 Accrual of proceeds
Redevelopment of 7 GPRA Colonies (Asset Class #1 in the above table) shall be monetised during
the NMP 2.0 period. The proceeds from this monetisation shall accrue to the Ministry of Housing
and Urban Affairs, ultimately being allocated to Consolidated Fund of India. This is summarised
in the following table:

-
5,000
5,000
21,000
21,000 52,000
FY26 FY27 FY28 FY29 FY30 Total Target
Value are in INR Cr
Figure 22: Year-wise TMV target for award of urban infrastructure projects

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Table 47: Summary of Cash-Flow by recipient/Private Investment from urban
infrastructure projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30)
Flows for
the period
FY 31 and
beyond**
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
- 5,000 5,000 5,000 5,000 20,000 32,000
PSU allocation - - - - - - -
State
Consolidated
Fund
- - - - - - -
Direct
investment
(private)
- - - - - - -
Total - 5,000 5,000 5,000 5,000 20,000 32,000
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30

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3.10 Coal
3.10.1 Details of the Asset Classes
The set of potential assets identiﬁed for monetisation align with the sector’s priority of enhancing
commercial coal mining. The coal mine blocks identiﬁed under NMP 2.0 comprise operational
and partially developed mines as well as newly allocated blocks at various stages of exploration
and development. The portfolio also encompasses Mine Developer and Operator (MDO) based
projects, washeries, and abandoned mine assets, alongside subsidiaries of Coal India Limited
(CIL) earmarked for equity divestment.
The following is an overview of the Asset Classes in the coal sector for NMP 2.0:
#1. Auction coal mines: Coal mines to be allocated by way of public auction to successful
bidders/allottees. Ministry of Coal has identiﬁed 94 coal mines to be auctioned between FY26
and FY30. The expected upfront fee, revenue share and royalty shall comprise the
monetisation value.
Coal

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#2. Auction of MDO, washeries and abandoned mines: Auction of mines and washeries for
selection of MDO and Washery Developer and Operator (WDO) respectively shall involve
selection of private entities for undertaking development, maintenance and operations for
identiﬁed assets.
For NMP 2.0, Ministry of Coal has identiﬁed 10 mines to be monetised on MDO model and
about six washeries to be monetised through WDO and Build-Own-Operate (BOO) models.
The Ministry has also included abandoned mines in order to explore their latent potential.
#3. Equity dilution of subsidiaries under Coal India Limited and renewable assets under NLC
India Limited: Coal India Limited (CIL) is expected to dilute equity in its subsidiaries. The
proceeds from these divestments constitute the monetisation value.
The following is a summary of the Asset Classes being considered for monetisation under NMP
2.0:
Table 48: Asset classes under Coal
Asset Classes Details
#1. Auction of coal mines Approximately 94 mines
#2. Auction of MDO, washeries and
abandoned mines
Mines and related assets proposed for
auction, along with the expected mode of
award:
• Mines: MDO based
• Washeries: Washery Developer cum
Operator (WDO) based and Build-Own-
Operate (BOO) based
• Abandoned mines
#3. Equity dilution of subsidiaries under Coal
India Limited and renewable assets under
NLC India Limited
Partial equity divestment
3.10.2 Monetisation target
The auction of coal blocks represents the primary mode of monetisation for this sector (Asset
Class #1 in the table above), with monetisation potential computed as the sum of upfront
premiums and revenue share and royalty inﬂows accruing to the Government during the contract
period.
In the case of Asset Class #2, the monetisation potential for MDO projects has been estimated
based on private sector investments towards mine development and production enhancement.
Monetisation value for coal washeries and abandoned mines has been derived from capital
investments required for modernization, re-mining and reclamation-based operations.
Asset Class #3 in the table above comprises partial equity dilution. The proceeds have been
evaluated using market-driven valuation methodologies, including relative valuation multiples of
listed peers in the mining sector.
The following table provides the target for award of coal projects over FY26 to FY30, along with
the preferred mode of monetisation:

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Table 49: TMV target for award of coal projects
(in INR Cr)
Asset Class Target Mode of monetisation
#1. Auction of coal mines 1,57,700 Commercial auction
#2. Auction of MDO, washeries and
abandoned mines
9,950 Commercial auction
#3. Partial equity dilution of subsidiaries 48,350 IPO/FPO
Total 2,16,000 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 50: Summary of year-wise TMV target for award of coal projects
(in INR Cr)
Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
#1. Auction of coal
mines
31,540 31,540 31,540 31,540 31,540 1,57,700
#2. Auction of MDO,
washeries and
abandoned mines
- 4,100 4,100 1,750 - 9,950
#3. Partial equity
dilution of
subsidiaries
- 12,530 11,940 11,940 11,940 48,350
Total 31,540 48,170 47,580 45,230 43,480 2,16,000
The target for coal sector is comparatively higher in FY27 and FY28 because of the higher award
targets for MDO and WDO projects (Asset Class #2).
48,170
47,580
45,230
43,480 2,16,000
31,540
FY26 FY27 FY28 FY29 FY30 Total Target
Value are in INR Cr
Figure 23: Year-wise TMV target for award of coal projects

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3.10.3 Accrual of proceeds
The upfront premiums, revenue share and royalty inﬂows from coal projects shall accrue to PSUs
and the concerned State Governments. The inﬂow from equity dilution shall accrue to the
concerned PSU. The investment in projects concerning MDO, washeries and abandoned mines
shall accrue to the direct investment head. This is summarised in the following table:
Table 51: Summary of Cash-Flow by recipient/Private Investment from coal projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30)
Flows for
the
period FY
31 and
beyond*
*
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
- - - - - - -
PSU allocation - 12,530 11,940 11,940 11,940 48,350 -
State
Consolidated
Fund
1,321 2,709 4,165 5,695 7,301 21,192 1,04,408
Direct
investment
(private)
963 3,504 6,660 9,143 9,200 29,470 12,581
Total 2,284 18,743 22,765 26,778 28,441 99,011 1,16,989
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30

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3.11 Mines
3.11.1 Details of the Asset Classes
The assets identiﬁed for monetisation align with the broader objective of promoting ejicient
capital recycling, accelerating private investment in mineral resource development and
enhancing revenue realisation from the mining value chain. The approach focuses on leveraging
future revenue streams from mineral-bearing blocks while maintaining policy continuity,
environmental safeguards, and the Government’s strategic interests in critical mineral sectors.
The identiﬁed assets include a mix of Mining Lease (ML) blocks and Composite Licence (CL)
blocks for commercial auction during the period of NMP 2.0. The monetisation potential has been
assessed for both ML and CL mining blocks, dijerentiated by stage of exploration and reserve
estimation. The monetisation value has been computed as sum of royalty and premium
Mines

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receivables from auctioned blocks, adjusted for the expected success rate of operationalization
5
.
The following is a summary of the Asset Classes being considered for NMP 2.0:
Table 52: Asset classes under mines
Asset Classes Details
#1. Mining blocks Mix of Mining Lease (ML) blocks and Composite
Licence (CL) blocks
3.11.2 Monetisation target
As mentioned in the above section, the mining sector monetisation framework under NMP 2.0
builds on the auction-based model, enabling the Government to unlock value from mineral
resources through upfront payments, royalty streams and auction premiums.
The following table provides the target for award of mining projects over FY26 to FY30, along with
the preferred mode of monetisation:
Table 53: TMV target for award of mines projects
(in INR Cr)
Asset Class Target Mode of monetisation
#1. Mining blocks 1,00,000 Commercial auction
Total 1,00,000 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 54: Summary of year-wise TMV target for award of mines projects
(in INR Cr)
Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
#1. Mining blocks 18,101 18,986 19,963 20,940 22,010 1,00,000
Total 18,101 18,986 19,963 20,940 22,010 1,00,000
For mines, this amount has been phased in a gradually increasing manner over the NMP 2.0
period, as showcased in the ﬁgure below:

5
FY26 has been considered as the base year, with reserve-to-production (R/P) ratios assumed at 65% for ML blocks, 50% for CL
blocks with estimated reserves, and 40% for CL blocks without estimated reserves. Historical trends indicate a success rate of 60%
for ML blocks and 40% for CL blocks, based on operationalization data from 2015–16 to 2020–21.

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3.11.3 Accrual of proceeds
The proceeds from the identified mining projects shall accrue to the respective State
Governments. This is summarised in the following table:
Table 55: Summary of Cash-Flow by recipient/Private Investment from mines projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30)
Flows for
the
period FY
31 and
beyond*
*
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
- - - - - - -
PSU allocation - - - - - - -
State
Consolidated
Fund
952 1,998 3,148 4,407 5,785 16,291 83,709
Direct
investment
(private)
- - - - - - -
Total 952 1,998 3,148 4,407 5,785 16,291 83,709
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30

18,986
19,963
20,940
1,00,000
18,101
22,010
FY26 FY27 FY28 FY29 FY30 Total Target
Value are in INR Cr
Figure 24: Year-wise TMV target for award of mines projects

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3.12 Telecom
3.12.1 Details of the Asset Classes
The Department of Telecommunications has identiﬁed dark ﬁbre assets, along with land parcels
belonging to BSNL for monetisation under NMP 2.0. This is in line with the ongoing participation
of the private sector in the Indian telecom sector.
The following is an overview of the Asset Classes under the telecom sector for NMP 2.0:
#1. Dark Fibre Monetisation: Dark ﬁbres are unused portions of already laid out
telecommunication ﬁbre cables. These unused/unlit optical ﬁbres are used for extending the
reach of a certain network and improving its bandwidth, speed and security. For example,
provision of dark ﬁbre is one of the services under Bharatnet, wherein service providers may
utilize Bharat Broadband Network Limited’s (BBNL’s) dark ﬁbre to extend and improve their
services to remote Gram Panchayats. The Department of Telecommunications has proposed
to lease 4.4 lakh kms of its dark ﬁbre to service providers for the purpose of monetisation
under NMP 2.0. This will allow the Department to utilise an existing unused asset and earn a
steady stream of lease payments.
Telecom

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#2. Land Parcels: 38 land parcels under BSNL have been identiﬁed for monetisation under NMP
2.0. These are proposed to be monetisation through long term lease arrangements. These
land parcels shall be developed and used by the private entity in return for lease rentals and
an upfront payment (if envisaged). At the end of the lease arrangement, the assets shall revert
to BSNL. This shall allow for utilisation of an existing asset (land) and lead to development of
this land in line with a contractual arrangement that shall deﬁne the land use.
The following is a summary of the Asset Classes being considered for NMP 2.0:
Table 56: Asset classes under telecom
Asset Classes Details
#1. Dark fibre monetisation 4.4 lakh kms
#2. Land parcels 38 land parcels
3.12.2 Monetisation target
Asset Class #1 in the table above uses the direct contractual method, in the form lease contacts.
Monetisation value is expected in the form of lease revenue earned by the Department of
Telecommunications. Asset Class #2 involves leasing of BSNL’s land parcels. The market
approach has been used to estimate the upfront value and lease accruing to BSNL from this
monetisation model.
The following table provides the target for award of telecom projects over FY26 to FY30, along with
the preferred mode of monetisation:
Table 57: TMV target for award of telecom projects
(in INR Cr)
Asset Class Target Mode of monetisation
#1. Dark fibre monetisation 2,400 Lease revenue
#2. Land parcels 2,400 Long term lease
Total 4,800 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 58: Summary of year-wise TMV target for award of telecom projects
(in INR Cr)
Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
#1. Dark fibre
monetisation
440 450 480 500 530 2,400
#2. Land parcels 380 425 460 535 600 2,400
Total 820 875 940 1,035 1,130 4,800

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This amount has been phased in a gradually increasing manner for telecom projects over the NMP
2.0 period, as showcased in the ﬁgure below:
3.12.3 Accrual of proceeds
The lease revenue from dark fibre monetisation shall accrue to the Department of
Telecommunications, ultimately accruing to Consolidated Fund of India. The proceeds from
BSNL’s land parcels shall accrue to the PSU.
This allocation is summarised in the following table:
Table 59: Summary of Cash-Flow by recipient/Private Investment from telecom projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30)
Flows for
the
period FY
31 and
beyond*
*
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
440 450 480 500 530 2,400 -
PSU allocation 380 425 460 535 600 2,400 -
State
Consolidated
Fund
- - - - - - -
Direct
investment
(private)
- - - - - - -
Total 820 875 940 1,035 1,130 4,800 -
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30

820
875
940
1,035
1,130 4,800
FY26 FY27 FY28 FY29 FY30 Total Target
Value are in INR Cr
Figure 25: Year-wise TMV target for award of telecom projects

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3.13 Tourism
3.13.1 Details of the Asset Classes
For the tourism sector, two brownﬁeld hotels in New Delhi have been proposed for
redevelopment during 2025-30. The private sector investment that these projects attract shall be
counted towards monetisation proceeds.
The following is a summary of the Asset Classes being considered for NMP 2.0:
Table 60: Asset classes under tourism
Asset Classes Details
#1. Monetisation of Hotel Ashok
Infrastructure upgradation, operations and
management of the hotel
#2. Monetisation of Hotel Samrat
Infrastructure upgradation, operations and
management of the hotel
Tourism

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3.13.2 Monetisation target
As mentioned above, both Asset Classes shall use the direct contractual method, mostly in the
form PPP contracts. Monetisation value is expected in the form of investment for development
by the private sector from these contractual arrangements.
The following table provides the target for award of tourism projects over FY26 to FY30, along with
the preferred mode of monetisation:
Table 61: TMV target for award of tourism projects
(in INR Cr)
Asset Class Target Mode of monetisation
#1. Monetisation of Hotel Ashok 820 PPP (OMDA model)
#2. Monetisation of Hotel Samrat 380 PPP (OMDA model)
Total 1,200 --
The value in the above table is the consolidated target for award between FY26 and FY30. This
amount has been phased over the NMP 2.0 period as follows:
Table 62: Summary of year-wise TMV target for award of tourism projects
(in INR Cr)
Asset Class Target
FY26 FY27 FY28 FY29 FY30 Total
#1. Redevelopment
of Hotel Ashok
- 820 - - - 820
#2. Redevelopment
of Hotel Samrat
- - - - 380 380
Total - 820 - - 380 1,200
For tourism, the redevelopment project for Hotel Ashok is larger and is expected to be awarded
in the initial period of NMP 2.0. A similar project for Hotel Samrat is expected towards the end of
the period. The phasing is showcased in the ﬁgure below:
-
820 --
380 1,200
FY26 FY27 FY28 FY29 FY30 Total Target
Value are in INR Cr
Figure 26: Year-wise TMV target for award of tourism projects

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3.13.3 Accrual of proceeds
As noted in the above section, both Asset Classes entail investment from partnership projects.
Accordingly, this value has been accrued as a direct investment. This is summarised in the
following table:
Table 63: Summary of Cash-Flow by recipient/Private Investment from tourism projects
(in INR Cr)
Accrual heads During NMP 2.0 period (FY26 to FY30)
Flows for
the period
FY 31 and
beyond**
FY26 FY27 FY28 FY29 FY30 Total
(FY26 to
FY30)*
Consolidated
Fund of India
- - - - - - -
PSU allocation - - - - - - -
State
Consolidated
Fund
- - - - - - -
Direct
investment
(private)
- 270 270 280 - 820 380
Total - 270 270 280 - 820 380
*Cash-Flow for the period of FY26 – FY30
**Total Monetisation Value reduced by the Cash-Flow for the period of FY26 – FY30

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Acknowledgement
NITI Aayog expresses its appreciation to the Ministries, Departments, PSUs and implementing
agencies whose cooperation and timely provision of information have enabled the preparation of
this document. The insights and data shared by the concerned agencies are the foundation of the
sectoral assessment and estimation of the monetisation potential.

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