IRB Infrastructure Trust has received a Toll-Operate-Transfer (TOT) project from the National Highways Authority of India (NHAI) in Uttar Pradesh at an upfront cost of ₹9,270 crore. The company informed the stock exchanges about this development on Saturday. This project is part of the already announced asset monetisation programme of NHAI.
According to the project manager, IRB Infrastructure Developers, the trust has been awarded a 20-year revenue-linked concession for the Lucknow–Ayodhya–Gorakhpur corridor on NH-27 and the Lucknow–Varanasi corridor on NH-731.
Company to Hold 42% Market Share in the TOT Sector
Virendra D. Mhaiskar, Chairman and Managing Director of IRB Infrastructure Developers, said, “Considering the importance of this religious tourism corridor, the TOT-17 project is a major achievement for us. With this, the IRB platform now holds a 42% market share in the TOT sector.”
IRB Infrastructure Trust is a private infrastructure investment trust sponsored by IRB Infrastructure Developers. As India’s largest integrated private toll road and highway infrastructure developer, IRB manages assets worth over ₹80,000 crore across 12 states through its parent company and two infrastructure investment trusts.
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IRB Infrastructure Developers’ Shares Closed Higher on Friday
On Friday, shares of IRB Infrastructure Developers closed with a gain of ₹0.56 (1.32%) at ₹42.91 on the BSE. However, the stock is still trading significantly below its 52-week high and close to its 52-week low.
- 52-week high: ₹61.98
- 52-week low: ₹40.54
- Market cap (BSE): ₹25,913.35 crore
Experts believe that after this announcement, the company’s stock may see increased activity when the market opens on Monday.