Under the concession, IRB Infrastructure Trust will pay an upfront concession fee of Rs 3,087 crore to NHAI for a revenue-linked concession period of 20 years. The project forms part of NHAI’s asset monetization program and marks IRB’s entry into Odisha.

The LoA covers a 74.5-km stretch of the Chandikhole–Bhadrak corridor, part of the government’s Golden Quadrilateral Project.

Virendra D. Mhaiskar, chairman & managing director of IRB Infrastructure Developers, said, “This award places us on a fast track to building an asset portfolio of Rs 1 lakh crore in the near future, the largest by any private toll road developer in India. The addition of TOT-17 and TOT-18 together will enhance the toll revenues by about Rs 1,000 crore in FY27.”

IRB Infrastructure Developers is India’s first integrated multinational transport infrastructure developer in the roads & highways segment. As the largest integrated private toll road and highway infrastructure developer in India, IRB has an asset base of approx. Rs 94,000 crore in 13 states across the parent company and two InvITs.

The company reported a 41% surge in consolidated net profit to Rs 140.82 crore on a 10.42% increase in total revenue from operations to Rs 1,751.02 crore in Q2 FY26 over Q2 FY25.

Shares of IRB Infrastructure Developers rose 0.86% to Rs 42.24 on the BSE.