IRB Wins Rs.9,270-Crore NHAI TOT Contract, Expands Toll Portfolio to 42% Share

Rs 9,270 Crore Boost: IRB Clinches Major NHAI TOT Contract and Strengthens Its Toll Dominance

In a significant milestone for India’s highway monetisation programme, Rs 9,270 crore boost: IRB clinches major NHAI TOT contract, marking one of the biggest wins for the country’s private road infrastructure sector this year. IRB Infrastructure Trust, the private InvIT sponsored by IRB Infrastructure Developers, has secured a high-value Toll Operate Transfer (TOT) project from the National Highways Authority of India (NHAI), further solidifying its position as the largest private toll road operator in the country.

The award aligns with NHAI’s aggressive asset monetisation strategy, which aims to boost liquidity for road construction while enabling private players to operate and maintain completed highway assets. Under the latest contract, IRB Infrastructure Trust will take charge of a strategically important stretch in Uttar Pradesh, one of India’s fastest growing states for religious tourism and logistics movement.

IRB Wins a Strategic 366 km Toll Bundle Under the TOT Model

The Rs 9,270 crore boost: IRB clinches major NHAI TOT contract comes with a Letter of Award issued for a 366-kilometre network spanning two crucial corridors. The project covers:

• The Lucknow–Ayodhya–Gorakhpur corridor on NH-27, and

• A portion of the Lucknow–Varanasi corridor on NH-731

These routes form part of NHAI’s TOT Bundle 17 and carry significant importance due to heightened religious tourism—particularly Ayodhya, which now attracts millions of pilgrims annually after the opening of the Ram Temple.

The concession is revenue-linked with a 20-year operational period, allowing IRB Infrastructure Trust to collect tolls, maintain the corridor, and manage long-term operational efficiency.

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A Major Push to IRB’s Expanding Toll Portfolio

This win signals another strategic advancement for the infrastructure major. With Rs 9,270 crore boost: IRB clinches major NHAI TOT contract, IRB’s commanding share in the TOT market now rises dramatically.

Virendra D. Mhaiskar, Chairman & Managing Director of IRB Infrastructure Developers, called the contract a pivotal moment for the company.
He noted, “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 a riveting 42 percent market share in the TOT space.”

A 42% share places IRB in a league of its own, making the company the clear leader among private road operators in India.

Strengthening IRB’s Asset Base Across 12 States

With Rs 9,270 crore boost: IRB clinches major NHAI TOT contract, IRB Infrastructure Developers adds another major asset to its already impressive portfolio. The group currently manages an asset base of over Rs 80,000 crore across 12 states through its parent company and its two InvITs.

The new addition enhances IRB’s nationwide footprint, further balancing its portfolio with a blend of BOT (Build-Operate-Transfer), TOT, and HAM (Hybrid Annuity Model) projects. For investors, this diversification offers stronger revenue visibility over the next two decades.

NHAI’s Monetisation Strategy Gains Momentum with Large TOT Awards

The TOT model has emerged as a key pillar of NHAI’s financial strategy as the authority seeks to unlock capital for fresh highway construction. The government has stressed that private participation enables efficient long-term maintenance and allows NHAI to reinvest funds into greenfield expressways.

With the Rs 9,270 crore boost: IRB clinches major NHAI TOT contract, experts believe the TOT mechanism remains attractive for investors due to predictable toll revenues and well-established corridors.

Industry watchers also point out that revenue-linked concessions give InvITs like IRB Infrastructure Trust room to align toll operations with real-time traffic patterns, improving their operational flexibility and long-term profitability.

Uttar Pradesh’s Road Network Gains Another Layer of Efficiency

The contracted corridors—Lucknow-Ayodhya-Gorakhpur and Lucknow-Varanasi—are among the most heavily used routes in Uttar Pradesh. Increased pilgrim movement to Ayodhya has expanded traffic significantly, while Varanasi remains a major religious and cultural hub for millions of visitors.

By handing this corridor to a major private operator with deep experience, the government hopes to ensure superior highway maintenance, smoother tolling, faster repairs, and digital upgrades.

The Rs 9,270 crore boost: IRB clinches major NHAI TOT contract also comes at a time when Uttar Pradesh is accelerating its infrastructure push across expressways, airports, and logistics parks, making this award part of a broader strategy to enhance connectivity.

A Long-Term Bet on India’s Rising Mobility Demand

Toll-operate-transfer projects offer predictable, inflation-linked cash flows, making them ideal for long-term infrastructure investors. With India’s highway traffic expected to continue rising due to expanding urbanisation and freight movement, IRB’s latest acquisition sets it up for steady revenue growth over the next two decades.

As the government expands its monetisation footprint, analysts expect more private operators to show interest. But among them, IRB is currently the dominant force—solidified by the Rs 9,270 crore boost: IRB clinches major NHAI TOT contract, which cements its leadership.

India’s Tolling Landscape Enters a New Growth Phase

With a 42% share in the TOT market and a robust asset portfolio, IRB is positioned as a foundational player in India’s national highway ecosystem. Its newest win underscores the growing convergence of public infrastructure and private investment—one that is likely to define India’s next chapter of mobility expansion.

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