IRB Infrastructure Trust Wins NHAI TOT 17 Project; Share Price Rises Over 4%

IRB Infrastructure Trust has been selected as the winning bidder for the National Highways Authority of India’s (NHAI) Tolling, Operation, Maintenance and Transfer (TOT) 17 bundle. 

The Trust received the official Letter of Award for managing major stretches of the Lucknow–Ayodhya, Ayodhya–Gorakhpur and Lucknow–Sultanpur corridors, marking another significant expansion of its operational footprint in Uttar Pradesh.

The project, part of India’s ongoing highway monetisation programme, is set to enhance the Trust’s long-term cash flow visibility and strengthen its role within the national road infrastructure ecosystem.

Key Details of the TOT 17 Project

The award covers three major segments across NH-28 (New NH-27) and NH-731:

• Lucknow–Ayodhya Section (km 15.400 to km 137.970)
• Ayodhya–Gorakhpur Section (km 136.759 to km 252.860)
• Lucknow–Sultanpur Section of NH-731 (km 90.370 to km 217.795)

The combined project length stands at 366.096 km.

Concession Structure and Tariff Model

• The Trust will pay an upfront Bid Concession Fee of ₹9,270 crore to NHAI.
• The concession period extends 20 years, linked to toll revenue performance.
• Annual tariff revision includes:
• Fixed 3% increase per year, plus
• 40% of the Wholesale Price Index (WPI).
• Tolling and O&M activities will begin from the Appointed Date.

Impact on IRB Infrastructure Trust’s Portfolio

With the addition of the TOT 17 bundle, the Trust’s total asset portfolio will expand by roughly 20%, reaching approximately ₹65,000 crore. The project is expected to provide sustained revenue and cash flow visibility across the two-decade concession period.

IRB Infrastructure Developers Ltd will serve as the Project Manager, overseeing tolling operations, maintenance activities and overall project execution.

IRB Infrastructure Share Price Performance

IRB Infrastructure Developers Ltd traded shares were trading higher at ₹45.03, marking an increase of ₹2.07 (4.82%) from the previous session. During the day, the stock opened at ₹45.00, touched a high of ₹45.95, and recorded a low of ₹44.21. 

Read More: Ashok Leyland Share Price in Focus Ahead of Dividend Record Date Tomorrow; Payout Due in December 2025.

Conclusion

The awarding of NHAI’s TOT 17 package marks a notable addition to IRB Infrastructure Trust’s portfolio. With its expanded asset base and long-term tolling rights secured, the Trust is positioned for steady operational visibility over the concession period. Future market performance will likely depend on toll collections, traffic growth across the corridor and broader sector dynamics.

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