Bharat Setu

Tokenised debt secured against India's export economy. Port concessions, SEZ leases and pharma-park infrastructure — assets whose cashflows are denominated in USD and EUR, naturally hedging the rupee.

Investment thesis

Concession receivables from minor ports under PPP frameworks.
Long-tenor SEZ leases to global pharma and electronics manufacturers.
USD/EUR cashflow component provides a structural hedge.
Co-issued with an empanelled NBFC partner under the LSP framework.

Target tranches

Senior BST-SR

First-charge on concession cashflows

11.5–13% target IRR

Subordinated BST-SUB

Second-charge, secured

13–14.5% target IRR

Mezzanine BST-MEZ

Unsecured

14–16% target IRR

Targets · indicative · subject to final structuring.

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