Mumbai: IRB Group has activated a key highway asset in Odisha, strengthening its toll road network and revenue visibility with a long-term concession project now operational.
IRB Chandibhadra Tollway Private Limited, the project SPV under IRB Infrastructure Trust, commenced tolling on the Chandikhole–Bhadrak section of NH-16 from April 1, 2026. The start followed receipt of the appointed date and completion of financial closure, marking the transition from development to revenue generation.
The SPV paid an upfront concession fee of Rs 3,087 crore to the authority on March 30, 2026, securing tolling and operations rights. The project spans 74.5 kilometers and forms part of the Golden Quadrilateral, a high-traffic corridor connecting southern and eastern India, supporting both commercial and passenger movement.
With this project, IRB Group enters Odisha, taking its presence to 13 Indian states. Management indicated the corridor benefits from steady traffic, including tourism and pilgrimage flows, which are expected to support toll revenue growth over the concession period.
The concession carries a 20-year revenue-linked period and adds approximately Rs 1,600 crore to the operations and maintenance order book. The project reinforces IRB’s leadership in the toll-operate-transfer segment, where it already holds a significant share through multiple highway assets nationwide. The operationalization of the TOT-18 project enhances IRB’s long-term revenue pipeline while expanding its footprint across key national highway corridors.
Disclaimer: This article is based solely on the company’s official filing and press release and does not include independent verification or external analysis.
