IRB Infrastructure Developers Limited has further strengthened its position in India’s highways sector after its associate, IRB Infrastructure Trust, emerged as the preferred bidder for the TOT-18 concession awarded by the National Highways Authority of India (NHAI). The project involves the tolling, operation, maintenance and transfer of the 74.5-kilometre Chandikhole–Bhadrak section of NH-16 in Odisha, covering around 450 lane kilometres.
With this win, the IRB Group has expanded its operational footprint to its 13th Indian state and marked its second entry into Eastern India, following its earlier presence in West Bengal through the Palsit–Dankuni NH-19 BOT project. The development signals IRB’s steady push toward geographic diversification along key national highway corridors, including the strategically important East Coast belt.
Under the TOT-18 concession, IRB Infrastructure Trust will make an upfront payment of ₹3,087 crore to NHAI after achieving financial closure. In return, the Trust will secure tolling rights for a 20-year revenue-linked concession period, subject to completion within the stipulated timelines laid out by the authority. The TOT (Toll-Operate-Transfer) model allows private players to monetize mature highway assets while ensuring long-term operational efficiency and maintenance standards.
Commenting on the development, Virendra D. Mhaiskar, Chairman and Managing Director of IRB Infrastructure Developers Limited, said the win marks the group’s second consecutive TOT project in just over a month, highlighting IRB’s growing dominance in this segment. He noted that the latest concession extends IRB’s reach to the eastern coastline and reinforces its leadership in the TOT space.
According to Mhaiskar, IRB has now committed around ₹34,000 crore in upfront payments to the Government of India across six TOT assets, while expanding its aggregate asset base to approximately ₹94,000 crore. He also expressed gratitude to authorities and stakeholders for their continued trust, adding that the group remains focused on delivering operational excellence and a high-quality travel experience for highway users.
