IRB Infrastructure Developers (IRB) has bagged the country’s second largest road monetisation asset – the 158-km Hyderabad Outer Ring Road (ORR) in Telangana. The project is under the TOT model for a revenue-linked concession period of 30 years, and IRB will pay an upfront fee of Rs 73.80 billion. The project for the toll collection rights was bid out by Hyderabad Metropolitan Development Authority (HMDA) through global bidding. IRB will execute this project through its private InvIT platform.
Initially, 12 firms, including several foreign investors and pension funds and strategic operators like Adani Road Transport, had initially shown interest in the multi-billion project. However, only four firms, namely, Eagle Infrastructure India, IRB, Dinesh Chandra R Agarwal (DRA) Infracon and Gawar Construction made bids for the ORR project. With this acquisition, IRB’s asset base has increased to over Rs 700 billion and share in TOT space to 37 per cent.
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