IRB Infrastructure Developers (IRB) has secured the country’s second largest road monetisation asset – the 158 km Hyderabad Outer Ring Road 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 73.8 billion. The project for the toll collection rights was bid out by the Hyderabad Metropolitan Development Authority 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 such as Adani Road Transport, had shown interest in the multi-billion project. However, only four firms – Eagle Infrastructure India, IRB, Dinesh Chandra R Agarwal Infracon and Gawar Construction – submitted bids.