IRB Infra gains 5% to hit 52-week high on bagging ₹1,683 crore contract from NHAI

With this, IRB Infra’s asset base will increase to ₹77,000 crore with a strong market share in the toll operate transfer (TOT) space of around 38%, the company said.

The project involves tolling and operations and maintenance (O&M) activities along 110 km (approximately 441 lane km), including the Gwalior-Jhansi section on NH44 and the Kota Bypass stretch on NH76.

"Receiving the LoA is the next important step on the way to signing the Concession Agreement, which will enable us to proceed to comply with various other formalities, including financial closure for the project that will facilitate a timely takeover of the project, " Virendra D Mhaiskar, Chairman and Managing Director, IRB Infrastructure Developers Ltd said.

IRB Infrastructure Trust will establish a special purpose vehicle (SPV) to facilitate the signing of the concession agreement and, subsequently, achieve financial closure.

Earlier, the trust was granted a LoA by NHAI for TOT-12 (Lalitpur-Lakhnadon section on NH44) with an initial payment of ₹4,428 crore and a concession period linked to revenue lasting 20 years.

The stock was trading 5.27% higher at ₹42.95 apiece at 11.25am on Monday, December 18.