IRB InvIT Fund to Acquire Two BOT Assets for ₹4,605 Crore
IRB Infrastructure Trust and IRB InvIT Fund have signed a binding term sheet to transfer two BOT highway assets, SYTL and CGTL, for an enterprise value of ₹4,605 crore. The deal unlocks ₹2,744 crore in equity value, which will be redeployed for new opportunities. The transaction is expected to be completed by September 30, 2026. IRB will continue as Project Manager, increasing its O&M order book by ₹2,400 crore.
The transaction involves a substantial enterprise value and unlocks significant equity value, directly impacting the company's financial strategy and future growth prospects.
The announcement details a significant asset transfer and capital recycling strategy that is expected to unlock value and fund future growth opportunities, which is positive for the company.
IRB Infrastructure Developers Limited has announced that its sponsored platforms, IRB Infrastructure Trust and IRB InvIT Fund, have executed a Binding Term Sheet for the transfer of two Build-Operate-Transfer (BOT) highway assets, Solapur Yedeshi Tollway Limited (SYTL) and CG Tollway Limited (CGTL), to IRB InvIT Fund. This transaction follows a non-binding offer made on May 14, 2026, and represents a significant step in the company's capital recycling strategy.
The Board of Directors for the Investment Managers of both entities approved the deal in meetings held on July 2, 2026. Following the transfer, IRB will continue as the Project Manager for these two BOT projects, which is expected to increase the company's Operations & Maintenance (O&M) order book by approximately ₹2,400 crore.
The deal involves an aggregate enterprise value of ₹4,605 crore for the two project SPVs, with an unlocked equity value of ₹2,744 crore. These proceeds are earmarked for funding future opportunities in the sector, estimated at around ₹8,000 crore. The transfer is expected to be completed on or before September 30, 2026, with a long stop date of December 31, 2026.
Additionally, the company announced the extension of the Project Implementation Agreement (PIA) term for IRB Infrastructure Developers Limited as the Project Manager for twelve project SPVs. This extension, on an arm's length basis, covers operations and maintenance services until the end of the original concession period for these SPVs. The amendment to the PIAs has an approximate aggregate value of up to ₹22,940.25 crore, including GST.
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IRB Infrastructure Developers Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. 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.