irb infrastructure developers announced on May 14, 2026, that its associate, IRB Infrastructure Trust (Private InvIT), has issued a preliminary and non-binding offer to sell two Build-Operate-Transfer (BOT) highway assets to IRB InvIT Fund (Public InvIT). The offer pertains to revenue-generating assets with an aggregate enterprise value of approximately Rs.4,663 Crs as assessed by an independent valuer as on March 31, 2026.

The Board of Directors of the Investment Manager to IRB Infrastructure Trust approved the Non-Binding Offer Proposal in a meeting held on May 14, 2026. The assets under consideration include the Solapur Yedeshi NH211 project in Maharashtra and the Chittorgarh Gulabpura NH79 project in Rajasthan. These two assets account for a total of 1,144 lane kms.

Asset Details

The following table outlines the specific assets included in the offer:

Strategic Context

This proposed transaction follows the recent transfer of three BOT assets from IRB Infrastructure Trust and one Hybrid Annuity Model (HAM) asset from IRB Infra to IRB InvIT Fund. Virendra D. Mhaiskar, Chairman & Managing Director, stated that the move reinforces the path to sustainable growth for both InvITs. He noted that IRB Infrastructure Trust intends to deploy the proceeds to fund future opportunities, while IRB InvIT Fund will benefit from an enhanced asset portfolio and incremental revenue.

The offer is made pursuant to the Right of First Offer (ROFO) granted to IRB InvIT Fund and is subject to regulatory approvals and consents. If completed, the transfer will enhance the enterprise value of IRB InvIT Fund to approximately Rs.23,000 Crs. The company reiterated its B.E.S.T. (Bid, Execute, Stabilize, Transfer) strategy, aimed at recycling capital from mature assets into new growth opportunities.

IRB Infrastructure Developers Ltd., along with its two sponsored Infrastructure Investment Trusts — IRB Infrastructure Trust (Private InvIT) and IRB InvIT Fund (Public InvIT) — collectively reported a 24% year-on-year (Y-o-Y) gross toll revenue growth in April 2026, signalling a strong start to the new financial year FY27. The Group's aggregate toll revenue for April 2026 stood at Rs. 793 Crs, compared to Rs. 642 Crs recorded in April 2025. The disclosure was filed with stock exchanges on May 8, 2026, under Regulation 30.

Strong Revenue Growth Across Portfolio

The Group's combined toll collections across 24 project SPVs totalled Rs. 7,935 million in April 2026, up from Rs. 6,418 million in April 2025. The growth was attributed to strong underlying traffic trends, addition of new projects, and tariff revisions. Two new project SPVs — IRB Harihara Corridors Private Limited and IRB Chandibhadra Tollway Private Limited — commenced toll collection during the period and contributed Rs. 572 million and Rs. 237 million respectively in April 2026, with no corresponding revenue in April 2025.

Commenting on the performance, Shri Amitabh Murarka, Dy. CEO, IRB Infrastructure Developers Limited, said: "Its promising start of new financial year. We have commenced FY27 on a positive note, with revenue growth maintaining healthy momentum across our portfolio. Toll revenue for the month grew by 24% Y-O-Y, driven by strong underlying traffic trends, addition of new projects, and tariff revisions. Backed by the resilience of the Indian economy, we remain confident of sustaining this growth trajectory in the coming months as well."

Project-wise Toll Revenue Breakdown

The following table presents the project and SPV-wise gross toll collection figures for April 2026 and April 2025 (Rs. in millions):

Notes:

• # IRB Harihara Corridors Private Limited: The Project SPV received the Appointed Date from NHAI and toll collection commenced from January 23, 2026.
• ## IRB Chandibhadra Tollway Private Limited: The Project SPV received the Appointed Date from NHAI and toll collection commenced from April 1, 2026.
• * Kaithal Tollway Limited, Kishangarh Gulabpura Tollway Limited, and IRB Hapur Moradabad Tollway Limited: These assets were acquired by IRB InvIT Fund on November 1, 2025. The numbers for the previous period are presented only for comparison purposes.

About IRB Group

IRB Group, comprising IRB Infrastructure Developers Ltd. (Parent Company) and two listed Infrastructure Investment Trusts (InvITs) — IRB Infrastructure Trust (Private InvIT) and IRB InvIT Fund (Public InvIT) — is India's leading and largest toll road concessionaire. The Group's assets portfolio includes 28 highways with approximately 17,500 operational lane kms and an asset base of approximately Rs. 94,000 Crs spread across 13 Indian states. Key highlights of the Group's scale and operations include:

• Market share: 44% in the awarded TOT space through 6 TOT assets
• Portfolio composition: Largest BOT portfolio of 18 highway assets and 4 Hybrid Annuity highway assets
• Golden Quadrilateral: Approximately 16% share in India's Golden Quadrilateral connectivity
• North-South connectivity: Approximately 12% share in North-South highway connectivity
• Daily traffic: Around 1.5 million vehicles across all highway assets
• National toll contribution: Around 10% of national toll revenue
• FASTag penetration: Robust 97% FASTag penetration through approximately 1,000 FASTag compliant lanes at 86 toll plazas

InvIT Portfolio Overview

IRB Infrastructure Trust (Private InvIT), sponsored by IRB Infrastructure Developers Ltd. and registered under SEBI's Infrastructure Investment Trusts Regulations 2014, operates and manages 14 highway assets with 10,674 lane kms and an enterprise value of approximately Rs. 66,000 Crs across the states of Maharashtra, Rajasthan, Gujarat, Goa, Karnataka, Uttar Pradesh, West Bengal, Telangana, Madhya Pradesh, and Odisha. The weighted average life of these assets is 20 years plus.

IRB InvIT Fund (Public InvIT), the first Infrastructure Investment Trust sponsored by IRB Infrastructure Developers Ltd. and registered under SEBI's Infrastructure Investment Trust Regulations 2014, operates and manages 10 highway assets — including 8 BOT and 2 HAM projects — with 4,445 lane kms and an enterprise value of approximately Rs. 17,600 Crs across the states of Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu, Punjab, Haryana, and Uttar Pradesh. The weighted average life of these assets is 18 years plus.