Nature of Event
IRB Infrastructure Developers Limited (Scrip Code: 532947, Symbol: IRB) disclosed that its Board of Directors, at a meeting held on July 2, 2026, approved entering into Project Implementation Agreements (PIA) with IRB InvIT Fund and its project SPVs to act as the Project Manager.
Key Details
- Parties Involved: The agreements are with IRB InvIT Fund (Public InvIT) and the project SPVs: Solapur Yedeshi Tollway Limited (SYTL) and CG Tollway Limited (CGTL).
- Purpose: To serve as Project Manager for the toll road projects operated by SYTL and CGTL, specifically:
- SYTL: Four Laning of Solapur to Yedeshi section of NH-211 (98.717 km) in Maharashtra under NHDP Phase IV on DBFOT Toll basis.
- CGTL: Six Laning of Kishangarh Udaipur Ahmedabad Section (km 90.000 to 214.870) in Rajasthan under NHDP Phase V on BOT Toll mode.
- Financial Terms: Fixed price of approximately Rs. 2,663 crore (inclusive of applicable taxes) over the balance concession period, which is approximately 18 years on weighted average life.
- Effective Condition: The appointment is effective upon completion of the transfer of 100% equity share capital of each Project SPV from IRB Infrastructure Trust to the Public InvIT.
- Regulatory References: Pursuant to SEBI InvIT Regulations and SEBI circular no. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.
Additional Information from Annexure
- Shareholding: The company has no shareholding in SYTL or CGTL.
- Relationship: The parties are not related to the promoter, promoter group, or group companies.
- Transaction Type: It is not a related party transaction under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- Other Details: No share issuance, nominee directors, or termination clauses are applicable, as per the disclosure.