IRB Infrastructure Trust Wins NHAI’s TOT-18 Highway Project in Odisha
Chandikhole–Bhadrak NH-16 stretch to be operated for 20 years under ₹3,087 crore concession
Bhubaneswar: IRB Infrastructure Trust, backed by IRB Infrastructure Developers, has emerged as the preferred bidder for the Toll-Operate-Transfer (TOT)-18 concession awarded by the National Highways Authority of India (NHAI) in Odisha. The project marks a significant expansion of IRB Group’s presence in eastern India and strengthens its position in India’s highway asset monetisation programme.
Under the concession, IRB Infrastructure Trust will take charge of tolling, operation and maintenance of a key national highway stretch in Odisha for the next two decades.
What the TOT-18 Concession Includes
The TOT-18 project involves the 74.5-kilometre-long Chandikhole–Bhadrak section of National Highway-16, covering nearly 450 lane kilometres. As part of the agreement, IRB Infrastructure Trust will make an upfront payment of ₹3,087 crore to NHAI after achieving financial closure.
The concession is revenue-linked and valid for 20 years. During this period, the trust will be responsible for toll collection, highway maintenance and operational management, after which the asset will be transferred back to the authority.
Strategic Importance of NH-16 in Odisha
NH-16 is one of the most important highway corridors in eastern India, forming part of the Golden Quadrilateral network. The Chandikhole–Bhadrak stretch plays a vital role in connecting Odisha with neighbouring states and supporting the movement of goods, passengers and industrial traffic.
The project is expected to improve road quality, ensure smoother toll operations and enhance overall highway efficiency in the region.
IRB Group Expands to Its 13th Indian State
With the TOT-18 win, the IRB Group has expanded its operational footprint to the 13th state in India. The company is already the largest integrated private toll road and highway infrastructure developer in the country.
Across its parent company and two infrastructure investment trusts (InvITs), IRB manages assets worth nearly ₹94,000 crore, reflecting its growing dominance in the highways sector.
Strong Presence in National Highway Network
IRB Group holds a significant share in some of India’s most important highway projects. Including the newly awarded TOT-18 project, the company has around a 16 per cent share in the Golden Quadrilateral programme and about a 12 per cent share in the North–South highway connectivity network.
These projects play a critical role in India’s logistics and transportation ecosystem, supporting economic growth and regional connectivity.
Overview of IRB’s Highway Project Portfolio
With the addition of the Chandikhole–Bhadrak highway, IRB’s portfolio now includes 28 highway projects across India. These comprise:
- 18 Build-Operate-Transfer (BOT) projects
- 6 Toll-Operate-Transfer (TOT) projects
- 4 Hybrid Annuity Model (HAM) projects
Recently, IRB also received a Letter of Award from NHAI for the TOT-17 bundle, valued at ₹9,270 crore, further strengthening its presence in the asset monetisation space.
Leadership Comments on TOT Expansion
Commenting on the achievement, Virendra Mhaiskar, Chairperson and Managing Director of IRB Infrastructure Developers, said the latest win reinforces the company’s leadership in the TOT segment.
He noted that IRB Infra has made upfront payments of nearly ₹34,000 crore to the government across six TOT assets so far, significantly expanding its asset base and long-term revenue visibility.
Assets Under Management and Long-Term Outlook
Currently, IRB manages 11 operational highway assets covering 8,763 lane kilometres, with an enterprise value of approximately ₹62,000 crore. The weighted average life of these assets is over 20 years, providing stable and predictable cash flows.
With continued participation in NHAI’s TOT programme, IRB Infrastructure Trust is expected to further strengthen its portfolio, contribute to highway efficiency and support India’s infrastructure development goals.
