IRB Infrastructure Trust Emerges as Preferred Bidder for NHAI’s TOT-18 Concession in Orissa

IRB Infrastructure Trust (an Associate of IRB Infrastructure Developers Limited), has emerged as the preferred bidder for TOT-18 Concession announced by the National Highways Authority of India (NHAI), Viz. Tolling, Operation, Maintenance and Transfer of 74.5 Kms (450 Lane Kms) Chandikhole Bhadrak Section of NH-16 in the state of Orissa.

With this, the Group has expanded its footprint to 13th Indian State and the 2nd in the Eastern Region of India, after the previous one in the West Bengal, through Palsit Dankuni NH19 BOT Project.

The TOT-18 project involves Upfront Payment of Rs.3,087Crs to be paid to the NHAI after achieving financial closure to secure tolling rights for 20 Years (revenue linked Concession Period), within stipulated timeframe.

Commenting on the development, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd., said, “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 Rs.34,000 crore to the Government across six TOT assets, and expands our aggregate asset base to approx. Rs.94,000 crore.” He added, “We express our sincere gratitude to all authorities and stakeholders for their continued trust and confidence in the IRB Group. We will leave no stone unturned in achieving operational excellence and ensuring a world-class travel experience for road users.”