IRB Infrastructure Trust wins ₹9,270 Crore NHAI TOT-17 project, expanding asset base to over ₹90,000 Crore
IRB Infrastructure Trust secured a ₹9,270 Crore NHAI TOT-17 project in Uttar Pradesh, increasing its asset portfolio to ₹65,000 Crore and boosting the group's total asset base over ₹90,000 Crore.
The project involves a substantial upfront payment of ₹9,270 Crore and adds 366 KMs to the portfolio, significantly increasing the group's asset base by over ₹90,000 Crore and strengthening its market leadership in the TOT space. This implies a major positive impact on the company's financials and strategic position.
The announcement describes a significant project win with a large concession fee, leading to a substantial increase in the company's and its Trust's asset base and market share in the TOT segment, indicating strong growth and positive future prospects.
IRB Infrastructure Trust, an associate of IRB Infrastructure Developers Limited, has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for the TOT-17 project. This project involves the Tolling, Operation, Maintenance, and Transfer of the Lucknow-Ayodhya Section of NH-28 (New NH-27), Ayodhya-Gorakhpur Section of NH-28 (New NH-27), and Lucknow-Sultanpur Section of NH-731 in Uttar Pradesh. * The project spans 366.096 KMs. * IRB Infrastructure Trust will pay an upfront Bid Concession Fee of ₹9,270 Crore to NHAI for a revenue-linked Concession Period of 20 years. * Annual tariff revision will be a fixed 3% plus 40% of the Wholesale Price Index (WPI). * This project will increase the Trust's asset portfolio by approximately 20%, reaching about ₹65,000 Crore, with long-term revenue and cashflow generation visibility. * IRB Infrastructure Developers Ltd. will manage the project. * Mr. Virendra D. Mhaiskar, Chairman & Managing Director, highlighted that TOT-17 is a pivotal accomplishment, increasing IRB platform's market share in the TOT space to 42% and strengthening its position to move towards a ₹1 lac crore asset portfolio mark. * Post-addition of this project, the IRB Group's asset base is expected to exceed ₹90,000 Crore, and the O&M Order Book is anticipated to grow by approximately 20%. The group will now have 27 highway projects, including 18 BOT, 5 TOT, and 4 HAM projects, increasing its lane Kms by ~1,600.
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