IRB Infrastructure Developers has successfully executed the Project Implementation Agreement (PIA) for the TOT-17 project following shareholder approval at the Extraordinary General Meeting held on January 13, 2026. The company announced the execution of the agreement with IRB Harihara Corridors Private Limited on January 19, 2026.

Project Agreement Execution

The company has formalized its role as Project Manager for IRB Harihara Corridors Private Limited, the wholly owned SPV of IRB Infrastructure Trust. This follows the board approval on December 21, 2025, and subsequent shareholder approval at the EGM.

TOT-17 Project Scope

The project management agreement covers comprehensive services for the Toll Operate and Transfer project spanning multiple highway corridors in Uttar Pradesh. The company will provide initial upgradation, operations and maintenance works, and overall project implementation services.

Corporate Governance Process

The material related party transaction received necessary approvals through a structured governance process. The Audit Committee and Board of Directors initially approved the transaction on December 21, 2025, followed by shareholder approval at the EGM conducted in accordance with Section 100 of the Companies Act, 2013.

Related Party Structure

IRB Infrastructure Trust is an associate of the company, with IRB Infrastructure Developers holding 51% unit holding in the Private InvIT. The company serves as both sponsor and project manager for the trust, while the transaction structure ensures arms-length dealings in compliance with SEBI Infrastructure Investment Trusts Regulations, 2014.

IRB Infrastructure Developers , through its sponsored private InvIT, IRB Infrastructure Trust, has secured a significant deal in the Indian highway sector. The Trust has been awarded the TOT-17 bundle project by the National Highways Authority of India (NHAI), covering 366 km of highways in Uttar Pradesh for a 20-year concession period.

Project Details

The project, valued at ₹9,270 crore, encompasses the Lucknow-Ayodhya-Gorakhpur corridor on NH-27 and part of the Lucknow-Varanasi corridor on NH-731. Here's a breakdown of the key project details:

Impact on IRB Infrastructure Trust

This project win has significant implications for IRB Infrastructure Trust:

1. Portfolio Growth: The Trust's asset portfolio is expected to increase by approximately 20% to ₹65,000 crore.
2. Market Share: With this award, the IRB platform now commands a 42% market share in the Toll-Operate-Transfer (TOT) space.
3. Long-term Revenue: The project provides long-term revenue and cash flow generation visibility.

Strategic Significance

Virendra D. Mhaiskar, Chairman & Managing Director of IRB Infrastructure Developers Ltd., emphasized the strategic importance of this project, stating, "TOT-17 is a pivotal accomplishment for us given the importance of this religious tourism corridor." He also highlighted that this strengthens their platform and moves them closer to the ₹1 lakh crore asset portfolio mark.

IRB Group's Enhanced Position

Post-acquisition of this project, the IRB Group is set to see several improvements:

• Substantial increase in toll revenue for the portfolio
• Group asset base expected to exceed ₹90,000 crore
• Operations & Maintenance (O&M) order book projected to grow by approximately 20%

Conclusion

This project win not only bolsters IRB Infrastructure Trust's position in the Indian highway sector but also underscores the growing confidence of long-term private capital in India's national highway monetization framework. As the largest integrated private toll roads and highways infrastructure developer in India, IRB Infrastructure Developers continues to strengthen its foothold in the country's infrastructure development landscape.