IRB Infrastructure Trust Commences Tolling on TOT-17 Project Post ₹9,270 Crore Upfront Fee Payment
IRB Harihara Corridors Pvt. Ltd. has commenced tolling on the TOT-17 Project. The SPV paid ₹9,270 Crore upfront to NHAI after achieving financial closure. Tolling begins on January 23, 2026, for a 20-year concession period. The project covers the Lucknow-Ayodhya-Gorakhpur and Lucknow-Sultanpur stretches.
The project is a significant addition to the company's portfolio and involves a large concession fee, indicating a material impact on its operations and revenue streams.
The commencement of tolling operations and achievement of financial closure for a significant project like TOT-17, along with the substantial upfront payment, are positive developments for the company.
IRB Harihara Corridors Pvt. Ltd., a Special Purpose Vehicle (SPV) of IRB Infrastructure Trust (an associate of IRB Infrastructure Developers Ltd.), has commenced tolling operations on the Lucknow-Ayodhya-Gorakhpur NH-27 and Lucknow-Sultanpur section of Lucknow-Varanasi NH-731. The commencement of tolling began at 00:00 Hrs on January 23, 2026.
Prior to commencing operations, the SPV made a significant upfront concession fee payment of ₹9,270 Crore to the National Highways Authority of India (NHAI) on January 22, 2026, following the achievement of financial closure for the project. The SPV has also received the Appointed Date, marking the start of tolling for a revenue-linked concession period of 20 years.
Mr. Virendra D. Mhaiskar, Chairman and Managing Director of IRB Group, expressed happiness on the financial closure of the TOT-17 Project, noting its auspicious timing. He highlighted the project's addition to the group's asset portfolio and its role in enhancing travel for millions of pilgrims and commuters, contributing to regional development. He also extended gratitude to NHAI, Union Bank of India, GIC Singapore, Ferrovial Group, and other stakeholders for their support.
The TOT-17 bundle, for which IRB Infrastructure Trust was the highest bidder, comprises two highway corridors with an aggregate tollable length of approximately 435 kms. The Letter of Award was received on November 14, 2025, and the Concession Agreement was signed with NHAI on December 12, 2025.
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