India Infrastructure Trust ('Trust') was set up by Rapid Holdings 2 Pte Ltd. ('Sponsor') on November 22, 2018, as a contributory irrevocable trust under the provisions of the Indian Trusts Act, 1882. The Trust was registered as an infrastructure investment trust under Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 ('SEBI InvIT Regulations') on January 23, 2019, having registration number IN/InvIT/18-19/0008. The investment objectives of the Trust are to carry on the activities of an infrastructure investment trust, as permissible under the SEBI InvIT Regulations, by initially acquiring the Initial Portfolio Asset in the first instance and to make investments in compliance with the provisions of the SEBI InvIT Regulations. The initial portfolio asset of the Trust is a pipeline system used for the transport of natural gas ('Pipeline'). The Pipeline is a cross-country, natural gas pipeline with a pipeline length of approximately 1,480 km including spur lines (together with compressor stations and operation centres), that stretches from Kakinada, Andhra Pradesh, in the east of India, to Bharuch, Gujarat, in the west of India, traversing adjacent to major cities in the states of Andhra Pradesh, Telangana, Karnataka, Maharashtra and Gujarat. The Trust had issued 66,40,00,000 units at an Issue Price of Rs. 100 each aggregating to Rs. 6,640 Crore on March 18 and 19, 2019, which were listed on BSE Limited w.e.f. March 20, 2019. On 18 March 2019, the Trust acquired 100% of the issued equity shares of Pipeline Infrastructure Limited (PIL') (name changed from Pipeline Infrastructure Private Limited consequent upon conversion from a private limited company to a public limited company w.e.f April 25, 2019) which owns and operates the Pipeline. On 22 March 2019 the Trust was allotted 12,95,00,000 INR denominated, unlisted, secured, redeemable, non-convertible debentures of face value of Rs 1,000 each, aggregating to Rs 12,950,00,00,000 on private placement basis (the 'PIL NCDs'), from which the Trust derives interest income. On 22 March 2019 the beneficial management control of PIL transferred to the Trust. As at 31 March 2019, the Trust had 63,700 Non-convertible Debentures (Trust NCDs') issued to banks and non-bank financial institutions, the proceeds of which were used to partially invest in the abovementioned PIL NCDs. The Trust NCDs attracted a coupon rate of 9.2786% payable quarterly and had a maturity of 5 years. On 23 April 2019 PIL issued Rs 64,520 millions of NCDs to banks and non-bank financial institutions. The proceeds were used by PIL to immediately repay 645,200,000 of PIL NCDs, and in turn the Trust used the proceeds to repay in full the 63,700 of the Trust NCDs at a clean redemption price of Rs 1012873 per NCD. In January 2020, the Pipeline Business was re-certified to Quality Management System (ISO 9001:2015), Environment Management System (ISO 14001:2015) and Occupational Health & Safety Management System (ISO 45001:2018) by M/s. Bureau Veritas India Private Limited consecutively for 3rd time. During the year 2019-20, i.e. on 23 April 2019, PIL has redeemed 6,45,20,000 NCDs of Rs. 1,000 each aggregating to Rs. 6,452 Crore, at par, out of 12,95,00,000 NCDs issued on 22 March 2019. Further, during the year, pursuant to the mutual agreement between the Trust and PIL, and in line with the terms of issuance of the aforesaid NCDs, PIL had made payment of an aggregate amount of Rs. 295.32 Crore as Principal, from time to time, towards partial re-payments of the remaining 6,49,80,000 NCDs of Rs. 1,000 each, thereby proportionately reducing the face value of NCDs. Accordingly, as on 31 March 2020, the face value of the remaining 6,49,80,000 NCDs of Rs. 1,000 each has been reduced to Rs. 954.55 each. During Pursuant to the Return of Capital as a part of distributions made by the Trust from time to time during the period under review, the issued unit capital of the Trust as on 31 March 2020 is 66,40,00,000 units of Rs. 91.0321 each aggregating to Rs. 6,044.53 Crore.