IRB Infrastructure Developers announced that its associate company IRB Infrastructure Trust has successfully commenced toll collection operations on a major highway project in Odisha. The development marks a significant milestone in the company's expansion strategy and strengthens its position in India's highway infrastructure sector.

Project Commencement and Financial Details

IRB Chandibhadra Tollway Private Limited, the project SPV of IRB Infrastructure Trust, began tolling operations on the Chandikhole-Bhadrak section of NH-16 from April 1, 2026, at 00:00 hours. The commencement followed the receipt of the appointed date from NHAI after the company achieved financial closure for the project.

Strategic Expansion into Odisha

This project represents IRB Group's first venture into Odisha, expanding the company's operational footprint to 13 Indian states. The Chandikhole-Bhadrak section forms part of India's prestigious Golden Quadrilateral corridor, serving as a vital link between the southern and eastern regions of the country.

Key Project Highlights

Management Commentary

Virendra D. Mhaiskar, Chairman and Managing Director of IRB Group, highlighted the strategic importance of this acquisition. He emphasized that the corridor receives steady pilgrimage and tourism-linked traffic, supporting regional growth and enabling safer, faster, and more efficient travel. The management expressed gratitude to NHAI, Union Bank of India, and partners GIC Singapore and Ferrovial Group for their continued support.

Corporate Structure and Market Position

IRB Infrastructure Trust emerged as the highest bidder for the TOT-18 project, with its project SPV signing the concession agreement with NHAI on February 4, 2026. The trust operates as a private Infrastructure Investment Trust sponsored by IRB Infrastructure Developers Limited under SEBI's Infrastructure Investment Trusts Regulations 2014.

Group Portfolio Overview

The IRB Group maintains a significant market presence with a 44% market share in the awarded TOT space through 6 TOT assets, complemented by the largest BOT portfolio of 18 highway assets and 4 hybrid annuity highway assets. The group's infrastructure contributes approximately 16% share in India's Golden Quadrilateral connectivity and 12% share in the North-South highway connectivity.

IRB Infrastructure Developers Ltd has formalized its role as Project Manager for the TOT-18 project through the execution of a Project Implementation Agreement with IRB Chandibhadra Tollway Private Limited on March 24, 2026. This development marks a significant milestone in the company's infrastructure project portfolio expansion.

Project Agreement Details

The Project Implementation Agreement establishes IRB Infrastructure Developers as the Project Manager for IRBCTPL in relation to the TOT-18 project implementation. The arrangement follows regulatory requirements under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended.

Corporate Approvals and Timeline

The agreement execution follows a structured approval process that began with the company's initial disclosure on February 13, 2026. Shareholders subsequently approved the Material Related Party Transaction through a postal ballot conducted on March 23, 2026, clearing the path for the agreement's execution.

Related Party Structure

The agreement involves related party entities within the IRB Infrastructure ecosystem. IRBCTPL operates as a wholly owned Special Purpose Vehicle of IRB Infrastructure Trust, which maintains an associate relationship with IRB Infrastructure Developers Ltd. This structure enables efficient project management while maintaining regulatory compliance for infrastructure investment trusts.

Regulatory Compliance

The transaction qualifies as a Material Related Party Transaction, requiring specific disclosure and approval procedures. The company has fulfilled all regulatory requirements, including:

• Proper disclosure to stock exchanges
• Shareholder approval through postal ballot
• Compliance with SEBI Infrastructure Investment Trust regulations
• Timely execution and reporting of the agreement

The formalization of this Project Implementation Agreement strengthens IRB Infrastructure Developers' position in the infrastructure development sector while expanding its project management capabilities through the TOT-18 initiative.