IRB Infrastructure Trust Secures NHAI LoA for TOT-18 Highway Project in Odisha

IRB Infrastructure Trust has received a Letter of Award from the National Highways Authority of India (NHAI) for Toll-Operate-Transfer (TOT) Bundle-18.  

The project involves the Chandikhole–Bhadrak section of National Highway-16 in Odisha, covering the stretch from Km 62+000 to Km 136+500. The company informed stock exchanges of the development on January 6, 2026. 

Project Length and Structure 

The TOT-18 bundle comprises a 74.5-kilometre highway section, equivalent to around 450 lane kilometres.  

The concession has been awarded under a revenue-linked model for a period of 20 years. IRB Infrastructure Trust emerged as the selected bidder for the project following the bidding process conducted by NHAI. 

Bid Value and Payment Terms 

The trust has quoted a bid value of ₹3,087 crore for the highway asset. As part of the concession terms, it will pay an upfront concession fee of ₹3,087 crore to NHAI after financial closure. In return, the trust will hold tolling rights for the duration of the concession period. 

Scope of Work 

Under the agreement, IRB Infrastructure Trust will be responsible for toll collection, operation and maintenance of the highway. The asset will be transferred back to NHAI at the end of the concession term. Tolling and operations will begin from the appointed date specified by the authority. 

Toll Revision Mechanism 

Toll rates on the Chandikhole-Bhadrak section will be revised annually. The revision will follow a fixed increase of 3% per year, along with an adjustment linked to 40% of the Wholesale Price Index, in line with the concession conditions. 

Impact on IRB Group Portfolio 

The project is the group’s entry into Odisha, taking its operational presence to 13 states. The NH-16 stretch is part of the Golden Quadrilateral network. Including this asset, the group’s share in the Golden Quadrilateral stands at around 16%, while its share in the North-South highway corridor is about 12%. 

Overall Asset Base 

With the addition of TOT-18, the group’s highway portfolio will include 28 projects, comprising 18 build-operate-transfer projects, six toll-operate-transfer assets and four hybrid annuity model projects. The group currently manages 11 highway assets spanning 8,763 lane kilometres, with a weighted average asset life of over 20 years. 

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IRB Infrastructure Developers Share Price Performance  

As of January 7, 2026, 10:28 am, IRB Infrastructure Developers' share price was trading at ₹42.21, a 0.76% increase from the previous closing price. 

Conclusion 

The TOT-18 award adds a new long-term highway asset to IRB Infrastructure Trust’s existing toll road portfolio under the NHAI concession framework. 

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