IRB Infrastructure Trust Wins Odisha's TOT-18 Project for ₹3,087 Crore
IRB Infrastructure Trust secured the TOT-18 project in Odisha for ₹3,087 Crores. The 20-year concession involves tolling, operation, and maintenance of a 74.5 km stretch. IRB Infrastructure Developers Ltd. will manage the project, expanding the group's presence to 13 states and enhancing its TOT portfolio.
The project win involves a substantial upfront payment and a long-term concession period, significantly impacting the company's future revenue and market position.
The announcement details a significant project win for IRB Infrastructure Trust, which is expected to enhance the company's asset base and market share.
IRB Infrastructure Trust, an associate of IRB Infrastructure Developers Limited, has emerged as the preferred bidder for the Tolling, Operation, Maintenance & Transfer (TOT) of the Chandikhole - Bhadrak Section of NH-16 in Odisha. This project, spanning approximately 74.50 km, is part of TOT Bundle 18.
The Trust will pay an upfront Bid Concession Fee of ₹3,087 Crores to NHAI for a revenue-linked Concession Period of 20 years. The annual tariff revision will be fixed at 3% per annum plus 40% of the Wholesale Price Index (WPI). IRB Infrastructure Developers Ltd. will serve as the Project Manager for this endeavor.
This win marks IRB Group's expansion into its 13th Indian state and second in the Eastern Region, strengthening its position as the largest TOT portfolio holder with an approximate 44% market share. The project is part of the Golden Quadrilateral, increasing IRB's market share in that segment to approximately 16%. The order book for the group will increase by approximately ₹1,600 Crores. Mr. Virendra D. Mhaiskar, Chairman & Managing Director, highlighted this as their second consecutive TOT win, reinforcing IRB Infra's leading position in the TOT space with an aggregate asset base of approximately ₹94,000 Crores.
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IRB Infrastructure Developers Limited filed this with the NSE as a statutory disclosure, categorised under other corporate actions. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by IRB Infrastructure Developers Limited. Read the original for the full detail.