The company bagged LoA for toll-operate-transfer (TOT)-13 comprising Gwalior- Jhansi section on NH-44 and Kota Bypass on NH 76 projects for an upfront consideration of Rs 1,683 Crore, for the revenue linked concession of 20 years.

The receipt of LoA will now enable the trust to form project special purpose vehicle (SPV) for signing concession agreement with the Nodal Agency, and subsequently proceed for financial closure within stipulated time frame, said the company.

Virendra D. Mhaiskar, chairman & managing director, IRB Infrastructure Developers, said, “Receiving LoA is next important step on way to signing concession agreement, which will enable us to proceed to comply with various other formalities, including financial closure for the project that will facilitate timely takeover of the project.

This project will take our share in the North South connectivity to approx. 12%; our aggregate asset base to nearly Rs 77,000 crore with a robust market share in TOT space to around 38%, the largest by any private transport infrastructure developer in roads and highways segments in India.”

IRB Infrastructure Developers (IRB) is India's first Multinational Infrastructure player in Highways segment. As the largest integrated private toll roads and highways infrastructure developer in India, with this win, IRB group's asset base will swell to over Rs 70,000 crore spread in 11 States across the parent company and two InvITs.

The company reported 12.24% jump in net profit to Rs 95.74 crore on 30.28% increase in total income to Rs 1,874.50 crore in Q2 FY24 over Q2 FY23. Revenue from operations stood at Rs 1,744.99 crore in Q2 FY24, up 29.94% from Rs 1,342.95 crore posted in corresponding quarter last year.

Shares of IRB Infrastructure Developers shed 0.49% to settle at Rs 40.87 on the BSE.