IRB Infrastructure Trust has emerged as the highest bidder for a functional highway stretch of the National Highways Authority of India (NHAI) in Odisha, placing a bid of Rs 3,087 crore. This marks the company’s second major win in acquiring road assets in the past five weeks.
The latest acquisition covers the 74.5 km Chandikhole-Bhadrak section of NH-16, part of Toll Operate Transfer (ToT) Bundle 18. IRB had previously secured ToT Bundle 17 in November, which included three highway stretches in Uttar Pradesh—Lucknow to Ayodhya, Ayodhya to Gorakhpur, and Lucknow to Sultanpur—spanning a total of 333.5 km with a bid of Rs 9,270 crore.
With these wins, IRB has expanded its presence to 13 states, including two in Eastern India following its earlier acquisition of the Palsit-Dankuni NH-19 BOT Project in West Bengal. Under the ToT structure, the company makes an upfront payment for the highway assets and obtains the right to collect toll revenue for 20 years from road users.
Commenting on the achievement, Virendra D. Mhaiskar, Chairman and Managing Director of IRB Infrastructure Developers, said:
“This achievement further reinforces IRB Infra’s leading position in the ToT space, involving an upfront payment of approximately Rs 34,000 crore to the government across six ToT assets, and expands our aggregate asset base to approximately Rs 94,000 crore.”
The bidding process for ToT Bundles 19, 20, 21, and 22 is ongoing and expected to conclude within the current financial year. For FY 2025-26, the NHAI aims to raise around Rs 40,000 crore through asset monetisation, exceeding last year’s target of Rs 30,000 crore. Of this year’s target, Rs 12,357 crore has already been secured. With additional ToT bundles and infrastructure investment trusts (InvITs) opening for bidding, the NHAI is likely to meet its monetisation goals.
Overall, the NHAI has identified 24 road assets totaling 1,472 km for monetisation via ToT and InvIT in 2025-26, compared with Rs 28,724 crore raised through asset monetisation in 2024-25.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers should consult financial professionals before making any investment or business decisions.
