IRB Infrastructure Developers announced that its Board has approved Project Implementation Agreements (PIAs) with IRB InvIT Fund and its project SPVs to act as the Project Manager. The agreements, valued at approximately ₹2,663 crore on a fixed price basis inclusive of taxes, cover the balance concession period of approximately 18 years on a weighted average life. This strategic move follows the execution of a binding term sheet to transfer two Build-Operate-Transfer (BOT) assets—Solapur Yedeshi Tollway Limited (SYTL) and CG Tollway Limited (CGTL)—to the InvIT, unlocking an equity value of ₹2,744 crore.

The Board approval, dated July 2, 2026, is in pursuance of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. The appointment as Project Manager is proposed to become effective upon the completion of the transfer of 100% of the equity share capital of the Project SPVs from IRB Infrastructure Trust to the Public InvIT. The company clarified that the transaction does not fall under related party transactions under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and is conducted at arm's length.

Project Details

The PIAs encompass the operation and maintenance of two key highway assets. The Solapur Yedeshi NH211 project in Maharashtra spans 395 lane kms under BOT mode, while the Chittorgarh Gulabpura NH79 project in Rajasthan covers 749 lane kms. The combined contribution of these SPVs was approximately ₹307 crore, or 3.5%, of the Trust's consolidated turnover for the financial year 2025-26.

Operational Impact

Post-transfer, IRB Infrastructure Developers will manage the O&M order book for these assets. The new ₹2,663 crore agreements are expected to bolster the company's revenue stream over the next 18 years. The Board also approved the extension of the term of existing project implementation agreements for 12 other project SPVs, continuing the company as the Project Manager until the end of the original concession period. The aggregate estimated value of these amendments is up to ₹22,940.25 crore, including GST. An extraordinary meeting of unitholders will be convened to seek approval for these transactions.

IRB Infrastructure Developers disclosed that its promoter group has not created any fresh encumbrances on the company's shares during the financial year 2025-26. The declaration confirms that no shares have been pledged or otherwise encumbered directly or indirectly beyond those already disclosed. This compliance filing was submitted to the stock exchanges under Regulation 31(4) of the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011.

The revised disclosure was submitted on April 08, 2026, on behalf of the promoter group, including Ideal Toll & Infrastructure Private Limited. The declaration was signed by Jayant Dattatray Mhaiskar, Director of Ideal Toll & Infrastructure Private Limited. The submission was addressed to the Corporate Relationship Department of BSE Limited and the Listing Department of National Stock Exchange of India Limited.

Promoter and Promoter Group List

The annexure to the disclosure provides the complete list of individuals and entities classified as promoters or promoter group members as on March 31, 2026.

The disclosure explicitly states that the status of share encumbrances remains limited to those reported in the previous financial period.