At least three companies are planning to publicly list their privately held roads infrastructure trusts in India, sources familiar told Infralogic.

The investment platforms are Cube Highways Trust, IRB Infrastructure Trust and Oriental Infra Trust, the sources said.

Cube Highways Trust is backed by I Squared Capital, a subsidiary of the Abu Dhabi Investment Authority, British Columbia Investment Management Corporation and Mubadala Investment Company.

Oriental Infra Trust was set up by New Delhi-headquartered Oriental Structural Engineers. Its investors include the Hong Kong Monetary Authority, Asian Infrastructure Investment Bank, Germany-based Deutsche Investitions- und Entwicklungsgesellschaft (DEG), International Finance Corporation, and Indian graphite electrodes manufacturer HEG.

Oriental Structural Engineers is likely to list the vehicle as a public trust by around June or a little later, the sources said.

The trust has six projects in its portfolio and is in the process of acquiring two more from its parent company, they added.

The third vehicle – IRB Infrastructure Trust – was established by Mumbai-based highways developer IRB Infrastructure Developers. Singapore sovereign wealth fund GIC holds 49% of the vehicle.

IRB Infrastructure also has a publicly listed trust with which it intends to merge the private one, the sources said. They did not provide details.

Cube and IRB Infrastructure are not as advanced in their processes as much as Oriental, said the sources.

Infrastructure trusts in India are either private or public, depending on whether the initial offer of units is made to the public or issued via a private placement.

Introduced in 2014, the investment vehicles primarily hold cash-generating operational assets and have become popular with foreign investors due to their strong regulatory oversight, mandatory disclosures and strong governance norms.

GIC and Oriental Infra Trust did not respond to requests for comment. I Squared Capital and IRB Infrastructure Developers declined to comment.