IRB Infrastructure Trust has officially commenced tolling operations on the Chandikhole-Bhadrak section of NH-16 in Odisha. Following the payment of an upfront concession fee of Rs 3,087 crore, the company has secured tolling and O&M rights for a 20-year period. This project marks the company’s strategic entry into its 13th Indian state, strengthening its presence along the Golden Quadrilateral corridor.
Strategic Expansion into Odisha
The company has successfully reached financial closure and received the Appointed Date of April 1, 2026, for the TOT-18 project. This initiative marks the group’s first venture into the state of Odisha, expanding its nationwide operational footprint to 13 Indian states. The project is a critical component of the Golden Quadrilateral, serving as a vital transportation link that supports regional growth through increased tourism and pilgrimage traffic.
Project Financials and Operational Scope
To secure the rights for this project, the project SPV, IRB Chandibhadra Tollway Pvt. Ltd., paid an upfront concession fee of Rs 3,087 crore. The project encompasses a 74.5 km long corridor, totaling 447 lane kilometers. As a result of this development, the company’s total O&M order book is projected to rise by approximately Rs 1,600 crore.
Market Leadership and Portfolio Impact
This development reinforces the group’s position as a leading toll road concessionaire in India. Currently, the company manages an extensive portfolio of 28 highway assets, spanning approximately 17,500 lane kilometers. With a 44% market share in the awarded Toll-Operate-Transfer (TOT) space, the company continues to focus on high-potential corridors to drive long-term toll revenue growth and maintain high FASTag penetration levels across its national network.
Source: BSE
