IRB INVIT FUND

IRB InvIT Fund is an irrevocable trust set up under the Indian Trusts Act, 1882, and registered with the Securities and Exchange Board of India as an infrastructure investment trust under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. IRB InvIT is a registered infrastructure investment trust under the InvIT Regulations. The Trust's primary objective is to own, operate and maintain a portfolio of ten revenue-generating highway assets that includes 8 BOT assets and 2 HAM assets with 4,445 lane kms and an enterprise value of ~ Rs 18250 Crore, in the states of Maharashtra, Gujarat, Rajasthan, Karnataka, Tamil Nadu, Punjab, Haryana & Uttar Pradesh. The roads are operated and maintained pursuant to concessions granted by the National Highways Authority of India (NHAI). The Sponsor of the Trust is IRB Infrastructure Developers Limited, one of the largest infrastructure development and construction companies in India in terms of net worth in the roads and highways sector for public private partnerships in national highway projects for 2015. The Trustee to the Fund is IDBI Trusteeship Services Limited and Investment Manager for the Fund is IRB Infrastructure Private Limited. The Sponsor has been listed on the Stock Exchanges since 2008. On July 7, 2006, the NHAI and IDAA Infrastructure Private Limited (IDAAIPL) entered into a concession agreement in respect of the Bharuch-Surat NH 8 Project. IDAAIPL was engaged to expand a 65.00 km section of NH 8 between Bharuch and Surat in Gujarat to four or six lanes on a BOT basis. Construction on the project commenced on January 2, 2007. The project was completed on March 14, 2011. As per the relevant concession agreement, the Bharuch-Surat NH 8 Project comprises the section of NH 8 from km 198.00 to km 263.00. On April 30, 2008, the NHAI and IRB Surat Dahisar Tollway Private Limited (ISDTPL) entered into a concession agreement in respect of the Surat-Dahisar NH 8 Project. ISDTPL was engaged to expand a 239 km section of NH 8 between Surat in Gujarat and Dahisar in Maharashtra from four lanes to six lanes on a BOT basis or a DBFOT pattern. The concession period and the collection of tolls commenced on February 20, 2009. A provisional certificate of completion was issued on April 6, 2013. As per the relevant concession agreement, the Surat-Dahisar NH 8 Project comprises the section of NH 8 from km 263.00 to km 502.00. On December 16, 2009, the NHAI and IRB Jaipur Deoli Tollway Private Limited (IJDTPL) entered into a concession agreement in respect of the Jaipur-Deoli NH 12 Project. IJDTPL was engaged to expand a 148.77 km section of NH 12 between Jaipur and Deoli in Rajasthan from two lanes to four lanes on a DBFOT basis. The project received a provisional completion certificate on September 27, 2013 and IJDTPL commenced partial tolling for a project length of 119.75 kms on that date. Subsequently, IJDTPL received a second provisional completion certificate on May 20, 2014, and received a final completion certificate with effect from April 1, 2016 and began collecting tolls for the rest of the project length. As per the relevant concession agreement, the Jaipur-Deoli NH 12 Project comprises the section of NH 12 from km 18.700 to km 165.00. In October 2012, the Sponsor acquired a 74% equity interest in M.V.R. Infrastructure And Tollways Private Limited (MITPL), a Project SPV incorporated to expand a 41.575 km section of NH 7 from Salem to Namakkal in Tamil Nadu from two lanes to four lanes and to improve, operate and maintain a 7.85 km section of NH 7 from Omalur to Salem in Tamil Nadu, in each case on a BOT basis pursuant to a concession agreement dated February 16, 2006 between MITPL and the National Highways Authority of India (NHAI). As per the relevant concession agreement, the Omalur-Salem-Namakkal NH 7 Project comprises the sections of NH 7 from km 207.05 to km 248.625 and from km 180.00 to 207.05. The Trust launched its first initial public offer by issuing 449,779,29 units by raising funds aggregating to Rs 4588 Crore, comprising a fresh issue of 42,15,68,627 units aggregating to Rs 4300 Crore and 2,82,10,664 units aggregating to Rs 2878 Crore via offer for sale in May, 2017. IRB InvIT Fund was listed in May 2017 with an initial portfolio of six operational Build-Operate-Transfer (BOT) road infrastructure assets. On September 28, 2017, the Trust further acquired its seventh project Pathankot Amritsar' on NH 15 in Punjab from the Sponsor and its subsidiary. Further, concession period for two of the project SPVs ended in the month of March and May 2022 and were handed over to National Highways Authority of India (NHAI). Jaipur Deoli NH12 project was acquired by the Trust during FY17, along with other five projects at the time of launching and listing of the InvIT. On May 9, 2018, the NHAI and VEPL (VK1 Expressway Private Limited) (a Concessionaire), entered into a Concession Agreement to construct the Padra - Vadodara section of Vadodara-Kim Expressway Project. 100% shareholding of VEPL was transferred from IRB Infrastructure Developers Ltd to IRB InvIT Fund on October 31, 2022. VEPL was entrusted to construct an eight lane 23.74 Km section of Expressway between Vadodara and Kim in Gujarat on a Hybrid Annuity Mode (HAM) basis. The Padra - Vadodara Project comprises the section of Vadodara Kim Expressway from km 355.00 to km 378.740 (Phase-IA Package-I). In October 2022, the Trust acquired Vadodara Kim HAM project in the state of Gujarat from the Sponsor. The Trust has acquired Talegaon - Amravati NH 6 Project, Jaipur - Deoli NH 12 Project, Tumkur - Chitradurga NH 4 Project In FY 2025. Kishangarh Gulabpura Tollway Limited (KGTL)& IRB Hapur Moradabad Tollway Limited (IRBHM) were acquired via share purchase agreement effective from November 1, 2025. Similarly, VM7 Expressway Private Limited was acquired from Dec. 1, 2025. The Trust acquired 3 operational BOT assets and 1 HAM asset, expanding the portfolio to 10 operational highway assets and increasing the enterprise value to approximately Rs 18250 crore in FY26.