IRB InvIT Fund to Acquire Three Tollway Projects Worth ₹8,436 Crore

IRB Infrastructure Developers Limited has announced that its private InvIT, IRB Infrastructure Trust, has executed a share purchase agreement with the listed IRB InvIT Fund to transfer full ownership of three special purpose vehicles (SPVs).

The transaction, valued at a minimum enterprise value of ₹8,436 crore, marks another key step in consolidating the company’s infrastructure assets under its public InvIT platform.

Details of the Transaction

The agreement, signed on October 2, 2025, covers the transfer of 100% equity in IRB Hapur Moradabad Tollway Limited, Kaithal Tollway Limited, and Kishangarh Gulabpura Tollway Limited. Alongside the equity transfer, the deal also includes repayment of subordinated debt and shareholder loans extended by the Trust to these SPVs.

The equity value for the transfer has been agreed at ₹4,905 crore, with the overall enterprise value set at ₹8,436 crore. Consideration for the deal will be paid in cash. Subject to approvals, the transaction is expected to close by October 31, 2025, or another mutually agreed date.

About the Project SPVs

• IRB Hapur Moradabad Tollway Ltd: Incorporated in 2018 for six-laning of the Hapur bypass to Moradabad section of NH-24 (now NH-9) in Uttar Pradesh under NHDP Phase V.
• Kaithal Tollway Ltd: Incorporated in 2014 for four-laning of Kaithal to Rajasthan border section of NH-152/65 in Haryana under NHDP Phase IV.
• Kishangarh Gulabpura Tollway Ltd: Incorporated in 2017 for six-laning of the Kishangarh to Gulabpura section of NH-79 and NH-79A in Rajasthan under NHDP Phase V.

Together, these projects contributed around ₹469 crore (8.8%) to the Trust’s consolidated turnover and about ₹8,518 crore (14%) to the Trust’s enterprise value in FY25.

Related Party Aspect

The buyer, IRB InvIT Fund, is a publicly listed infrastructure investment trust sponsored by IRB Infrastructure Developers. Since both entities share the same sponsor, the deal qualifies as a related-party transaction. The company clarified that the transaction has been carried out on an arm’s-length basis.

Read More: IRB Infrastructure Share Price in Focus; Records 12% Rise in August Toll Revenue to ₹563 Crore!

IRB InvIT Fund Share Performance 

As of October 03, 2025, 9:15 AM IRB InvIT share price closed at ₹62.80 per share, reflecting a surge of 0.02% from the previous closing price.

Conclusion

The transfer of these three highway projects to the IRB InvIT Fund is a strategic move to consolidate assets and unlock value for stakeholders. By shifting assets to the public InvIT platform, IRB Infrastructure is expected to enhance transparency, generate liquidity, and strengthen long-term growth in India’s toll road infrastructure sector.

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