IRB Infrastructure shares moved more than 3% higher after its InvIT arm secured a major ₹9,270 crore project award from the National Highways Authority of India. The IRB Infrastructure Trust, backed by IRB Infrastructure Developers Ltd., has received the Letter of Award for the TOT-17 bundle, one of the most valuable assets to come up under NHAI’s monetisation programme.
The project covers a long 366-kilometre stretch, including the Lucknow–Ayodhya–Gorakhpur section of NH-27 and a part of the Lucknow–Varanasi corridor on NH-731. The concession will run for twenty years under a revenue-linked model, making it a significant addition to the company’s toll-operate-transfer portfolio.
IRB highlighted that the corridor is becoming increasingly important because of the rising movement across religious and regional routes. Chairman and Managing Director Virendra D. Mhaiskar said the TOT-17 win strengthens the group’s leadership in the TOT space, where it already commands a forty-two percent market share. He added that the award shows the confidence investors continue to place in the national highway monetisation programme while supporting IRB’s broader plan to scale its asset base.
The company noted that the project involves tolling, operations and maintenance throughout the concession period. With this addition, IRB expects its overall toll revenue to increase meaningfully, while its consolidated asset base is projected to cross ₹90,000 crore. The order book for operations and maintenance is also expected to grow by nearly twenty percent on the back of this award.
The TOT-17 package marks a key step in NHAI’s ongoing monetisation strategy and adds a long-term, high-value asset to IRB Infrastructure Trust’s portfolio, further boosting sentiment around the stock.
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