IRB Infrastructure Developers announced that its associate company, IRB Infrastructure Trust, has emerged as the preferred bidder for the TOT-18 concession project announced by the National Highways Authority of India (NHAI). The project involves tolling, operation, maintenance and transfer of the 74.50 km Chandikhole-Bhadrak section of NH-16 in Odisha state.

Project Details and Financial Commitment

The TOT-18 project represents a significant financial commitment and operational expansion for the IRB Group. Key project parameters are outlined below:

The Trust will pay the upfront bid concession fee of ₹3,087.00 crores to NHAI upon achieving financial closure, securing tolling rights for the 20-year revenue-linked concession period.

Strategic Expansion and Market Position

This project win marks several strategic milestones for the IRB Group:

• Sixth TOT project for the group
• Second consecutive win within a span of just one and a half months
• Expansion to 13 Indian states
• Second project in the Eastern region of India, following the previous Palsit Dankuni NH-19 BOT project in West Bengal
• Part of India's prestigious Golden Quadrilateral network
• Increases IRB's market share in this corridor to approximately 16%
• Maintains leadership position in the TOT space with approximately 44% market share
• Total upfront payments of approximately ₹34,000.00 crores to the government across six TOT assets

Financial Impact and Portfolio Enhancement

The TOT-18 project will contribute significantly to the group's financial metrics and operational scale:

Management Commentary

Virendra D. Mhaiskar, Chairman and Managing Director of IRB Infrastructure Developers Ltd, commented on the development: "This is our second consecutive TOT win within a span of just one and a half months, expanding our presence to new State reaching East Coast of India, which is yet another testament to our strengths. This achievement further reinforces IRB Infra's leading position in the TOT space, involving an upfront payment of approximately ₹34,000.00 crore to the Government across six TOT assets, and expands our aggregate asset base to approximately ₹94,000.00 crore."

About IRB Infrastructure Trust

IRB Infrastructure Trust operates as a Private InvIT sponsored by IRB Infrastructure Developers Limited under SEBI's Infrastructure Investment Trusts Regulations 2014. The trust currently operates and manages 11 highway assets spanning 8,763 lane kilometers with an enterprise value of approximately ₹62,000.00 crores across eight states: Maharashtra, Rajasthan, Goa, Karnataka, Uttar Pradesh, West Bengal, Telangana, and Madhya Pradesh. The weighted average life of these assets exceeds 20 years, and the Private InvIT has been listed on NSE since 2023 under the ticker IRBIT.

IRB Infrastructure Developers Limited has announced that CRISIL Ratings Limited has reaffirmed its credit ratings on the company's bank facilities. The rating action was communicated to the stock exchanges on December 11, 2025, under Regulation 30 of the listing requirements.

Rating Details

CRISIL Ratings has maintained its positive assessment of IRB Infrastructure Developers' creditworthiness across its bank facilities portfolio. The rating reaffirmation covers the company's total bank loan facilities.

Rating Significance

The CRISIL AA- rating with a stable outlook indicates a high degree of safety regarding timely servicing of financial obligations. The rating reflects strong fundamentals and low credit risk. The A1+ short-term rating represents the highest degree of safety for timely payment of short-term debt obligations.

Regulatory Compliance

The company has fulfilled its disclosure obligations by informing both BSE Limited and National Stock Exchange of India Limited about the rating reaffirmation. IRB Infrastructure Developers trades on BSE with scrip code 532947 and on NSE with the symbol IRB.

CRISIL Ratings has made available detailed communication covering the rationale for the rating through its official platform. The rating agency's assessment provides stakeholders with an independent evaluation of the company's credit profile and financial strength in the infrastructure development sector.