IRB Infrastructure Begins Tolling On TOT-18 Project

06 Apr 2026 CW Team

IRB Infrastructure Developers Limited, through its trust vehicle, began toll collection on the Chandikhole–Bhadrak section of National Highway 16 from April one, 2026, with the project SPV IRB Chandibhadra Tollway Private Limited commencing operations after receipt of the appointed date and completion of financial closure. The move marked the transition of the asset from development to revenue generation. The company indicated that the operationalisation will strengthen its toll road network and provide long term revenue visibility.

The SPV paid an upfront concession fee of Rs 30,870 million (Rs 30,870 mn) to the authority on March 30, 2026 to secure tolling and operations rights for the corridor. The project covers 74.5 kilometres and forms part of the Golden Quadrilateral, a high traffic corridor that supports both commercial and passenger movement. The company noted that the section is expected to benefit from stable traffic flows given its strategic location.

With this transaction IRB Group entered Odisha and took its presence to 13 Indian states, reinforcing its national footprint in highway assets. The concession carries a 20 year revenue linked period and the project adds approximately Rs 16,000 million (Rs 16,000 mn) to the operations and maintenance order book. Management highlighted that tourism and pilgrimage related flows are likely to support toll revenue growth over the concession period.

The operationalisation of the TOT-18 project strengthened IRB’s leadership in the toll operate transfer segment and enhanced its long term revenue pipeline across key national highway corridors. The company framed the investment as consistent with its strategy to acquire and operate strategic road assets. The asset is expected to contribute to sustained cash flow generation over the concession term.

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