Mumbai-based asset manager Alpha Alternatives has appointed a former chief general manager at the National Highways Authority of India (NHAI) as an independent director in its roads trust, two sources told Infralogic.

BM Rao will serve on the board of the project management company of Anantam Highways Trust for a five-year period, the sources said.

Rao was NHAI’s chief general manager of finance for about four years before he took voluntary retirement in September 2024 and repatriated to his parent company, Singareni Collieries, owned jointly by the central and Telangana state governments.

Rao was also a director at the NHAI InvIT Project Management Company, the manager for the National Highways Infra Trust, backed by the Ontario Teachers’ Pension Plan and Canada Pension Plan Investment Board, according to his LinkedIn profile.

Alpha Alternatives and BM Rao did not respond to requests for comment.

Alpha Alternatives invested in India’s roads sector in November 2023, agreeing to hold 26% of a highways infrastructure trust that it proposed to establish with developer Dilip Buildcon.

Alpha Alternatives has since set up Anantam Highways Trust and is preparing a public listing for the vehicle, aiming to raise around USD 50m, sources told Infralogic in May.

In July, Alpha Alternatives signed a share purchase agreement to acquire a portfolio of five road projects from local developer KCC Buildcon, sources told Infralogic at the time.

The asset manager is in the midst of a fundraise for its inaugural infrastructure fund and last November secured first close with a commitment of USD 450m from Indian family offices. The Alpha Alternatives Build India Infrastructure Fund aims to raise USD 750m, including a greenshoe option of USD 250m.

Alpha Alternatives manages more than USD 2.5bn across various asset classes.