New Delhi: IRB Infrastructure Trust has bagged a toll-operate-transfer (TOT) project from NHAI in Odisha for an upfront consideration of Rs 3,087 crore, an exchange filing said on Tuesday.
The project is part of NHAI's earlier announced asset monetisation programme, IRB Infrastructure Developers Ltd (IRB) said, adding that the development marks its entry into Odisha.
IRB Infrastructure Trust has received a Letter of Award from NHAI for a bundle covering 74.5 km of the Chandikhole to Bhadrak corridor on NH-26, which is part of the government's ambitious Golden Quadrilateral Project.
IRB Infrastructure Trust is the private InvIT (infrastructure investment trust) sponsored by IRB Infrastructure Developers.
"This award places us on a fast track to building an asset portfolio of Rs 1 lakh crore in the near future, the largest by any private toll road developer in India.
"The addition of TOT-17 and TOT-18 together will enhance the toll revenues by about Rs 1,000 crore in FY27," Virendra D Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers, said.
As the largest private toll roads and highways infrastructure developer in India, IRB now has an asset base of over Rs 90,000 crore across 13 states, comprising the parent company and two InvITs.
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