IRB Infrastructure Trust Secures Key Project in Madhya Pradesh

IRB Infrastructure Trust Secures Key Project in Madhya Pradesh

The project entails an upfront payment of Rs. 4,428 crores to the National Highways Authority of India (NHAI) after achieving financial closure, securing tolling rights for a substantial 20-year revenue linked concession period.

FPJ Web DeskUpdated: Saturday, October 28, 2023, 04:26 PM IST
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IRB Infrastructure Trust Secures Key Project in Madhya Pradesh | Image: IRB Infrastructure (Representative)

IRB Infrastructure Trust, (Private InvIT  of IRB), has emerged as the preferred bidder for the Lalitpur – Lakhnadon stretch of National Highway 44 (NH 44), spanning approximately 316 kilometers. This project, operating under the Toll-Operate-Transfer (TOT) model, marks IRB's entry into Madhya Pradesh, expanding its presence to the 12th Indian state. The project entails an upfront payment of Rs. 4,428 crores to the National Highways Authority of India (NHAI) after achieving financial closure, securing tolling rights for a substantial 20-year revenue linked concession period.

In addition to this achievement, IRB Infrastructure Developers Limited has reported robust financial results for Q2FY24, with a 12% increase in net profit, reaching Rs. 96 crores, compared to Rs. 85 crores in the corresponding quarter of the previous year. The company's strong performance is further underscored by IRB Infrastructure Trust's announcement of a maiden distribution of Rs. 155 crores, which will form part of IRB’s cash flow in Q3FY24. Toll revenue across IRB and its associates has also shown impressive growth, increasing by 22% for the second quarter and by 20% for the first half of the fiscal year on a year-on-year basis. These accomplishments cement IRB's position as a leading player in India's infrastructure development landscape.

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