NHAI Awards IRB Infrastructure ₹1,683 Crore Contract

In a significant development, IRB Infrastructure Trust, the private Infrastructure Investment Trust (InvIT) affiliated with IRB Infrastructure Developers Ltd, has successfully clinched a lucrative ₹1,683-crore contract from the National Highways Authority of India (NHAI). The contract pertains to the Transfer of Operate and Transfer (TOT) bundle TOT-13, encompassing the Gwalior-Jhansi section on NH-44 and the Kota Bypass on NH 76 projects.

After a competitive bidding process, the Trust emerged as the preferred bidder for the revenue-linked concession, securing a tenure of 20 years for the project. This milestone represents a strategic move for IRB Infrastructure Trust, consolidating its position in the transport infrastructure sector.

Virendra D Mhaiskar, Chairman & Managing Director of IRB Infrastructure Developers Ltd, expressed enthusiasm about the development, stating, “This project will elevate our share in the North-South connectivity to approximately 12 per cent. Our aggregate asset base will surge to nearly ₹77,000 crore, establishing a robust market share in the TOT space at around 38 per cent. This achievement solidifies our position as the largest private transport infrastructure developer in the roads and highways segments in India.”

With the Letter of Acceptance (LoA) now in hand, the Trust is poised to establish a Project Special Purpose Vehicle (SPV) for the formal signing of the Concession Agreement with the Nodal Agency. Subsequently, the company plans to proceed with the financial closure within the stipulated timeframe, as outlined in its regulatory filing.

This successful bid further underscores IRB Infrastructure Trust's commitment to advancing key infrastructure projects and contributing significantly to the development of India's transportation network.

HBL