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 IRB Chandibhadra Tollway Pvt. Ltd., a Project SPV of IRB Infrastructure Trust (An Associate of IRB Infrastructure Developers Ltd) has commenced Tolling on Chandikhole Bhadrak Section of NH-16 from today, 1^st April 2026 at 00.00 Hrs, after receiving Appointed Date from NHAI.    

The Project SPV made payment of Upfront Concession Fee of Rs.3,087Crs to NHAI on 30^th March 2026 after achieving Financial Closure for the Project.    

 Commenting on the development, Mr. Virendra D. Mhaiskar, Chairman and Managing Director of IRB Group said, “We are pleased to unveil our strategic entry into Odisha, marking the Group’s presence in 13 Indian States, with the addition of Chandikhole–Bhadrak Section on NH-16 (TOT-18). Part of India’s prestigious Golden Quadrilateral, this high-potential corridor is a vital link between the Southern and Eastern regions, enabling safer, faster, and more efficient travel. The corridor also receives steady pilgrimage and tourism-linked traffic supporting regional growth”. He further said, “We thank NHAI, our lenders - Union Bank of India - and our partners - GIC, Singapore and Ferrovial Group - for their continued support, and remain committed to delivering best-in-class services throughout the concession period. This project is expected to further strengthen our toll revenue growth.”

 To reiterate, IRB Infrastructure Trust emerged as the highest bidder for the project and its Project SPV signed the Concession Agreement with NHAI on 4^th February 2026 for Tolling and O&M of the project.

Key Highlights: TOT-18 Concession:

* 1^st project in the State of Odisha (13^th Indian State of Group’s Footprints Nation-wide)  

* 74.5 Kms (447 Lane Kms) long corridor from Chandikhole to Bhadrak on NH-16

* Revenue Linked Concession Period of 20-years

* O&M Order Book rises by approx. Rs.1,600Crs

* The Asset forms part of the Golden Quadrilateral Corridor.

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