IRB Infrastructure secures Rs 3,087 crore tolling rights for TOT-18 project in Odisha

Business Desk — Wed, 01 Apr 2026 02:54:09 +0000

IRB Infrastructure Trust, through its project SPV IRB Chandibhadra Tollway Pvt. Ltd., has commenced toll collection on the Chandikhole-Bhadrak section of NH-16 in Odisha, starting from April 1, 2026. The tolling rights were secured following the payment of an upfront concession fee of ₹3,087 crore to the National Highways Authority of India (NHAI) after achieving financial closure for the TOT-18 project.

The project spans 74.5 kilometres from Chandikhole to Bhadrak and forms part of the Golden Quadrilateral Corridor, a critical link between India’s southern and eastern regions. The concession period for this project is revenue-linked and set for 20 years, with the operation and maintenance (O&M) order book rising by approximately ₹1,600 crore.

Virendra D. Mhaiskar, Chairman and Managing Director of IRB Group, expressed satisfaction with the strategic entry into Odisha, marking the group’s presence in 13 Indian states. He highlighted the corridor’s potential to enhance regional growth by supporting pilgrimage and tourism-linked traffic.

IRB Infrastructure Trust emerged as the highest bidder for the project, having signed the concession agreement with NHAI on February 4, 2026. The project is expected to strengthen IRB’s toll revenue growth significantly.

IRB Group, a leading toll road concessionaire in India, manages an asset portfolio of 28 highways, with approximately 17,500 operational lane kilometres across 13 states. The group holds a 44% market share in the awarded TOT space and contributes around 10% to national toll revenue.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Virendra D. Mhaiskar | Business Upturn

IRB Infrastructure secures Rs 3,087 crore tolling rights for TOT-18 project in Odisha