Rs 9,270 crore boost: IRB clinches major NHAI TOT contract, expands toll portfolio to 42% share

IRB Infrastructure Trust is the private InvIT (infrastructure investment trust) sponsored by IRB Infrastructure Developers.

IRB Infrastructure Trust has bagged a package toll operate and transfer (TOT) project from NHAI in Uttar Pradesh for an upfront consideration of Rs 9,270 crore, an exchange filing said on Saturday.

The project is part of NHAI's asset monetisation programme announced earlier.

IRB Infrastructure Trust has received Letter of Award from NHAI for bundle covering 366 km of the Lucknow-Ayodhya-Gorakhpur corridor on NH-27, and part of Lucknow-Varanasi corridor on NH-731, for a revenue linked concession period of 20 years, IRB Infrastructure Developers, the manager for the project said.

IRB Infrastructure Trust is the private InvIT (infrastructure investment trust) sponsored by IRB Infrastructure Developers.

"The TOT 17 project is a pivotal accomplishment for us given the importance of this religious tourism corridor. With this award, the IRB platform now commands riveting 42 per cent market share in the TOT space," Virendra D Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers said.

As the largest integrated private toll roads and highways infrastructure developer in India, IRB has an asset base of over Rs 80,000 crore in 12 states across the parent company and two InvITs.