IRB Infrastructure Developers Limited (IRB) is one of the leading infrastructure development companies in India in road and highway sector, with presence in Build-Operate-Transfer (BOT) and HAM space. IRB stands among India's leading and the largest integrated infrastructure developers, with strong specialisation in roadways and highways. It boast comprehensive in-house integrated project execution capabilities - Engineering, Procurement and Construction (EPC) and Operation and Maintenance (O&M). These capabilities span across all its business
IRB Infrastructure Developers Limited (IRB) is one of the leading infrastructure development companies in India in road and highway sector, with presence in Build-Operate-Transfer (BOT) and HAM space. IRB stands among India's leading and the largest integrated infrastructure developers, with strong specialisation in roadways and highways. It boast comprehensive in-house integrated project execution capabilities - Engineering, Procurement and Construction (EPC) and Operation and Maintenance (O&M). These capabilities span across all its business verticals like Build Operate Transfer (BOT), Toll-Operate-Transfer (TOT) and Hybrid Annuity Model (HAM) enabling long-term asset management.
The Company is a pioneer in the road BOT business. It is India's largest road BOT operator with a rich portfolio of 26 projects, including 18 BOT, 4 TOT and 4 HAM projects through the parent company and 2 InvITs. Operation and Maintenance of all projects is carried out by the company as the Project Manager. The Company acts as sponsor and project manager for both the InvITs.
The Company also has the largest TOT - Mumbai-Pune Expressway - to its credit. The company's TOT portfolio aggregates to 33% of the total TOT market share of TOT projects awarded in India. Altogether, it has ~12% share in India's North South Highway connectivity. The toll revenue that IRB Group has collected across the listed company and the two InvITs is around 10% share of the total toll revenue collected across India.
IRB Infrastructure Developers Limited was incorporated on 27 July, 1998 to fund the capital requirements of the IRB Group initiatives in the infrastructure sector and to build up the capabilities in handling BOT (Build, operate and Transfer) projects. The Company undertakes development of various infrastructure projects in the road sector through several Special Purpose Vehicles. IRB's work spans from building of roads, highways, bridges, and tunnels, recently the company diversified its business into real estate development sector also.
The Company had signed concession agreements for Thane Bhiwandi Bypass Phase II, Khambatki Ghat project and Kaman Paygaon project based on the BOT basis in inception year of 1998 itself. During 1999-2000, all of the above agreements had successfully completed. IRB made a joint venture agreement with Mudajaya Corporation of Malaysia to execute the NHAI (National Highways Authority India) funded contract for Ratanpur to Himmatnagar section of NH 8 for 54 kms in the year 2001 and in the same year the company had signed agreement for Ahmadnagar-Karmala-Temburni Road project on a BOT basis. In the year 2002, IRB had signed rehabilitation works contract with the NHAI for Vadodara-Surat section of NH 8 in Gujarat and also signed agreement for the Mohol-Kurul-Kamti-Mandrup road on a BOT basis both agreement signed in the month of May. Followed agreement where signed in the year of 2003, in the month of February concession agreement for the Pune Sholapur Project and in the month of August agreement for the Pune Nashik project the above agreement based on a BOT basis.
The construction activities in the Ahmadnagar-Karmala-Temburni Road project and Thane Bhiwandi Bypass BOT project - Phase II were completed in the month of August and December respectively in the year 2003. During the year 2004, IRB emerged as the highest bidder for Mumbai-Pune Expressway project by making upfront payment of Rs. 918 crore to MSRDC (Maharashtra State Road Development Corporation) for concession rights for a period of 15 years in the month of August. The Company had signed concession agreement and financial closure of the Mumbai Pune Expressway project of Rs. 1,181.41 crore. IRB completed construction activities of the NH 4 and commencement of toll collection on the Mumbai - Pune Expressway. During the year of 2005, the company had signed agreement with the NHAI for the four-laning of (a) km 64-000 to km 94-000 and (b) Km 123 to km 153 of the Nagpur-Hyderabad section of NH 7 in the State of Maharashtra in the same year one more concession agreement was signed and financial closure of the Thane Ghodbunder project with financing of Rs.216.60 crore. In December the construction activities for Pune- Nashik project were completed. In the year 2006, IRB achieved financial closure of the Bharuch Surat project with financing of Rs. 1,210.95 crore.
IRB formed a consortium with Deutsche Bank AG, Singapore to jointly pre-qualify for eight packages of four to six laning under NHDP in the month of January of the year 2007. In the same year IRB awarded the contract by the Ahmedabad Municipal Corporation (AMC) for the construction of Janmarg (Bus Rapid Transport System Project) from Narol Circle to Naroda Patiya in Ahmedabad for a total project cost of Rs. 132.99 crore. In the month of June, IRB awarded the funded contract from the same AMC for construction of Janmarg (Bus Rapid Transport System Project) from Pirana-Danilimada-Maninagar-Narol in Ahmedabad for a total project cost of Rs. 78.36 crore.
In September of the year 2007, IRB granted 'pre-qualified' status that entitled the IRB Group to submit request for proposals for certain NHDP Phase V road infrastructure projects namely, the Chennai-Tada project on NH 5, the Gurgaon - Kotputli - Jaipur project on NH 8, the Surat - Dahisar project on NH 8, the Chilkaluripet - Vijayawada project on NH 5 and the Panipat - Jalandhar project on NH 1 and also in the same period, the company had acquired IRBPL, IRB Infra, NKT, TGTRPL and MIPL. IRB declared as successful bidder for the Projects of ' Six Lanning of Surat - Dahisar section of NH-8 from Km 263.00 to Km 502.00 (Length - 239 Km) in the state of Gujarat / Maharashtra to be executed as BOT Pattern under NHDP Phase - V' and Integrated Road Development Programme (IRDP) for Kolhapur City' in February of the year 2008. As at April 2008, the project had executed between NHAI and IRB Surat Dahisar Tollway Private Limited at New Delhi.
In 2008, IRB Infrastructure Developers successfully raised Rs 944.57 crore through an initial public offer (IPO) which was priced at Rs 185 per share. In 2009, IRB Infrastructure Developers won its maiden airport project to set up a Greenfield airport at Sindhudurg in Maharashtra. During the year, the company won Surat - Dahisar Project, the first mega highway project of the country. The company was also awarded Integrated Road Development (IRD) programme in Kolhapur city. During the year, the company won 3 National Highways Authority of India (NHAI) Projects viz. Amritsar - Pathankot in Punjab, Talegaon - Amravati in Maharashtra and Jaipur - Deoli in Rajasthan.In 2010, the company won Tumkur Chitradurga BOT Project of NHAI on DBFOT pattern in the state of Karnataka. In 2011, the company was awarded 'Ahmedabad Vadodara Project', the First ever Ultra Mega project of NHAI on BOT basis & DBFOT pattern in the state of Gujarat. In 2013, the company was awarded Goa/Karnataka Border to Kundapur Project on NH-17 in the state of Karnataka.
In 2014, IRB Infrastructure Developers acquired M.V.R. Infrastructure and Tollways Pvt. Ltd. During the year, IRB Infrastructure Developers was awarded 3 NHAI Projects on DBFOT Pattern viz. Soalpur - Yedeshi (Maharashtra), Yedeshi - Aurangabad (Maharashtra) and Kaithal - Rajasthan Border (Rajasthan).
In 2015, IRB Infrastructure Developers successfully raised Rs 440 crore by way of QIP. During the year, the company won project of Six Laning of Agra - Etawah section of NH-2. In 2016, IRB Infrastructure Developers won 3 Six Laning Projects of NHAI on DBFOT Pattern in the state of Rajasthan viz. Udaipur to Gujarat Border section on NH-8, Gulabpura to Chittorgarh section on NH-79 and Kishangarh to Gulabpura section of NH-79.
In 2017, IRB Infrastructure Developers achieved COD for Kaithal - Rajasthan Border four-laning highway project. It also executed Concession Agreement with NHAI for Kishangarh - Gulabpura Section of NH-79 & NH-79A. During the year, the company launched India's first ever Infrastructure Investment Trust Fund and raised Rs 5032 crore.
In 2018, IRB Infrastructure Developers bagged Hapur - Moradabad Bypass Project of 99.867 Kms under BOT space in Uttar Pradesh, with cost outlay of Rs 3400 crore. The company also bagged another project of 23.74 Kms stretch on Vadodara - Mumbai Expressway in Gujarat under Hybrid Annuity (HAM) with cost outlay of Rs 2043 crore. During the year, the company bagged 2 projects aggregating 94.80 Kms in Tamil Nadu under Hybrid Annuity Model (HAM) with cost outlay of Rs 3492 crore. During the year, the company achieved COD for Solapur - Yedeshi four laning highway project in Maharashtra.
During the financial year, the Board of Directors approved shifting of the Registered Office of the Company to Wing - A, 2nd Floor, Office No. 201, Universal Business Park, Chandivali Farm Road, Off Saki Vihar Road, Andheri (E), Mumbai 400 072, with effect from July 1, 2017, which is within the local limits of Mumbai city. The Board of Directors vide circular resolution dated March 30, 2018 approved shifting of the Registered Office of the Company to Office No. - 11th Floor / 1101, Hiranandani Knowledge Park, Technology Street, Hill Side Avenue, Opp. Hiranandani Hospital, Powai, Mumbai - 400 076 with effect from April 1, 2018, which is within the local limits of Mumbai.
During the period 2018, the Trust acquired seven project assets from its sponsor, IRB Infrastructure Developers Limited and its Associates (six Projects acquired on May 9, 2017 and one Project on September 28, 2017) comprising of IDAA Infrastructure Limited (IDAA), IRB Talegaon Amravati Tollway Limited (IRBTA), IRB Jaipur Deoli Tollway Limited (IRBJD), IRB Surat Dahisar Tollway Limited (IRBSD), IRB Tumkur Chitradurga Tollway Limited (IRBTC), M.V.R Infrastructure and Tollways Limited (MVR) and IRB Pathankot Amritsar Toll Road Limited (IRBPA) from IRBIDL and its subsidiary Companies. Pursuant to Share Purchase Agreement(s) dated May 9, 2017, the Fund has acquired six projects i.e. IDAATL, ISDTL, ITATL, IJDTL, MITL and ITCTL from IRBIDL and its subsidiary companies. The investment for the said acquisition was raised through Initial Public Issue.
The Board of Directors of Investment Manager of the Trust purchased 100% stake in Pathankot- Amritsar project of IRB Infrastructure Developers Ltd costing Rs. 1,569.33 Crores.
On 9th May 2017, the Trust acquired an initial portfolio comprising the six Project special purpose vehicles (SPVs), all of which were wholly owned by the Sponsor and its subsidiaries. On 28th September 2017, the Trust further acquired its seventh project 'Pathankot Amritsar' on NH 15 in Punjab from the Sponsor and its subsidiary.
IRB Surat Dahisar Tollway Limited has completed Concession Period of 'Six laning of Surat Dahisar section of NH 8 from Km. 263 to Km. 502, in the State of Gujarat and Maharashtra executed as BOT (Toll) on DBFO pattern under NHDP Phase V' ('Project') on May 25, 2022 and handed over the Project Highway including Project Assets to National Highways Authority of India (NHAI) in terms of the Concession Agreement.
IDAA Infrastructure Limited has completed Concession Period of Six/Four laning of Km. 198/000 to 263/400, Bharuch-Surat section of NH-8 in Gujarat on Build, Operate & Transfer (BOT) basis - Package BOT 2 on March 31, 2022 and handed over the Project Highway including Project Assets to National Highways Authority of India (NHAI) in terms of the Concession Agreement.
In 2022-23, the Company implemented two projects, i.e. the upgradation project for 6 laning of NH27 from Samakhiyali to Santalpur costing Rs 2,132 Crores in Gujarat and Hyderabad Outer Ring Road project comprising an 8-lane highway TOT Project in Telangana costing Rs 7,380 Crores.
During the year 2022-23, the Company incorporated a subsidiary Company i.e. Samakhiyali Tollway Private Limited. Further, in May 2023, the Company promoted one more subsidiary Company in the name of IRB Golconda Expressway Private Limited.
Meerut Budaun Expressway Limited (MBEL) was incorporated for implementation of the Ganga Expressway project on a DBFOT (Toll) basis from the competent authority in October 2022. MBEL had allotted Indian-rupee denominated unlisted, unsecured, redeemable, nonconvertible debentures (NCDs) aggregating to Rs 127.73 crore on a private placement basis to the Company and GIC affiliate on June 14, 2024 in FY 2024-25.
The Company launched two TOT assets to its portfolio in 2025, with operations commencing at the start of FY 2024-25. IRB has developed the Sindhudurg Airport near the Goa-Maharashtra border through IRB Sindhudurg Airport Pvt. Ltd.in FY 2025.
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