IRB Harihara Corridors Commences Tolling on Rs 9,270 Crore TOT-17 Project in Uttar Pradesh

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IRB Harihara Corridors Commences Tolling on Rs 9,270 Crore TOT-17 Project in Uttar Pradesh

The stock is up by 2 per cent from its 52-week low of Rs 40.54 per share and has given multibagger returns of 250 per cent in 5 years.

IRB Harihara Corridors Pvt Ltd, a Special Purpose Vehicle (SPV) of the IRB Infrastructure Trust, has officially commenced tolling operations for the TOT-17 project as of midnight on January 23, 2026. This milestone follows the successful payment of an upfront concession fee totalling Rs 9,270 crore to the National Highway Authority of India (NHAI). The payment was executed on January 22, 2026, immediately after the SPV achieved financial closure, securing the "Appointed Date" required to begin the 20-year revenue-linked concession period.

The TOT-17 bundle encompasses two vital highway corridors in Uttar Pradesh: the Lucknow-Ayodhya-Gorakhpur section of NH-27 and the Lucknow-Sultanpur stretch of the Lucknow-Varanasi NH-731. Together, these routes represent an aggregate length of 366 km, translating to approximately 1,600 lane kilometres. IRB Infrastructure Trust secured this project after emerging as the highest bidder, receiving the Letter of Award in November 2025 and formalising the agreement with NHAI in December of the same year.

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This commencement further solidifies the IRB Group’s standing as India’s largest toll road concessionaire. With this addition, the Group manages a massive portfolio of 28 highways across 13 states, totalling approximately 17,500 operational lane kilometres. The Group currently commands a 44 per cent market share in the awarded Toll-Operate-Transfer (TOT) space, maintaining an asset base valued at nearly Rs. 94,000 Crores. Their network covers significant portions of India’s Golden Quadrilateral and North-South connectivity corridors.

As a key pillar of the Group, the IRB Infrastructure Trust (Private InvIT) now manages 14 highway assets with an enterprise value of approximately Rs. 66,000 Crores. Listed on the NSE, the Trust specialises in long-term asset management, with a weighted average life of over 20 years for its portfolio. By integrating high FASTag penetration and efficient tolling systems, the Trust continues to drive the Group’s contribution of roughly 10% to India’s total national toll revenue.

The company has a market cap of over Rs 24,000 crore. As of September 2025, LIC owns a 4.71 per cent stake in the company and has an Order Book worth over Rs 30,000 crore. The stock is up by 2 per cent from its 52-week low of Rs 40.54 per share and has given multibagger returns of 250 per cent in 5 years.

Disclaimer: The article is for informational purposes only and not investment advice.