IRB Harihara Corridors Pvt. Ltd., part of IRB Infrastructure Trust, commenced tolling on the Lucknow-Ayodhya-Gorakhpur NH-27 and Lucknow-Sultanpur section of Lucknow-Varanasi NH-731 from January 23, 2026. The Project SPV paid an upfront Concession Fee of Rs. 9,270 Crs to the NHAI after achieving Financial Closure. This project, with a 20-year revenue-linked concession period, is significant for connecting important cultural cities and enhancing travel for pilgrims. Chairman Virendra D. Mhaiskar highlighted the project’s importance and acknowledged the support of various stakeholders. The project encompasses a total length of approximately 435.
TOT-17 Project Marking A Significant
Km and involved a Concession Agreement signed on December 12, 2025, after being awarded the contract on November 14, 2025 IRB Harihara Corridors, a special purpose vehicle of IRB Infrastructure Trust, has officially commenced tolling operations on the TOT-17 project, marking a significant milestone in India’s asset monetisation and highway operations programme. The start of toll collection on this strategically important highway stretch not only strengthens the revenue visibility of IRB Infrastructure Trust but also highlights the growing role of Infrastructure Investment Trusts in managing and operating national highway assets under the Toll-Operate-Transfer framework.
This development comes at a time when the National Highways Authority of India is actively accelerating its asset recycling strategy to fund new road infrastructure across the country The TOT-17 project was awarded to IRB Infrastructure Trust under NHAI’s Toll-Operate-Transfer model, which allows private operators to manage, operate and collect toll from existing national highway assets for a fixed concession period. Under this model, the concessionaire pays an upfront fee to NHAI and in return receives the right to collect toll and maintain the highway for the duration of the concession. The commencement of tolling by IRB Harihara Corridors indicates.
Revenue Generating Assets
That all regulatory approvals, handover formalities and operational readiness milestones have been completed successfully The TOT-17 bundle includes key highway stretches that play an important role in regional connectivity and freight movement. These corridors are critical for linking industrial clusters, agricultural markets and urban centres, making them revenue-generating assets with stable traffic potential. For IRB Infrastructure Trust, the start of tolling strengthens its operational portfolio and improves cash flow visibility, which is essential for sustaining distributions to unitholders and funding future acquisitions IRB Infrastructure Developers has been one of the pioneers in India’s.
Highway development and toll operations space, with a long track record across build-operate-transfer, hybrid annuity and TOT models. The creation of IRB Infrastructure Trust allowed the group to monetise its mature assets and recycle capital into new projects. The Harihara Corridors SPV was set up specifically to manage the TOT-17 concession, ensuring ring-fenced operations and transparent revenue accounting monetisation in India. Over the past few years, NHAI has increasingly relied on TOT auctions to unlock value from operational highways and use the proceeds to finance new expressways and greenfield corridors. TOT-17 is part of this larger monetisation.
Operational Perspective The Commencement
Pipeline, which includes multiple bundles offered to domestic and global investors. This approach reduces the fiscal burden on the government while ensuring that experienced private operators manage existing assets efficiently From an operational perspective, the commencement of tolling means that IRB Harihara Corridors will now focus on traffic management, toll system efficiency, maintenance standards and user experience. Modern electronic toll collection systems, including FASTag-based lanes, are expected to play a central role in ensuring smooth throughput and reducing congestion at toll plazas. This aligns with the government’s broader digital highway initiative.
Aimed at improving transparency and reducing cash handling. An internal link to a related article on FASTag adoption trend the tolling start date is a key trigger for revenue recognition and cash flow projections for IRB Infrastructure Trust. Investors closely track such(India) milestones as they directly impact the trust’s distribution capacity and valuation metrics. The TOT-17 asset is expected to generate stable annuity-like income, supported by established traffic patterns and periodic toll revisions as per concession terms. Over the long term, such assets provide predictable returns, making them attractive for pension funds, insurance companies and long-term.
Reduce Travel Time And Support Economic
Institutional investors. For further reading on InvIT investment trends The Harihara Corridors project also has important regional development implications. Improved highway maintenance and efficient toll operations enhance road safety, reduce travel time and support economic activity along the corridor. Local businesses, logistics operators and commuters benefit from better pavement quality, signage and emergency response systems. This reinforces the role of private participation not just as a financing tool but as a service delivery mechanism that improves the overall quality of road infrastructure in India At a broader level, the success of TOT.
17 strengthens confidence in the Toll-Operate-Transfer framework and encourages more private capital to participate in future monetisation rounds. International infrastructure funds and domestic asset managers increasingly view Indian highway assets as a stable, long-duration investment class. This is particularly relevant as India plans massive investments under the Bharatmala and Gati Shakti programmes, which will require innovative financing structures and efficient asset recycling For IRB Infrastructure Trust, the commencement of tolling on the TOT-17 project is not just an operational milestone but also a strategic validation of its asset acquisition and management capabilities.
Building Investor Confidence
It demonstrates the trust’s ability to integrate new assets smoothly, manage regulatory processes efficiently and deliver predictable cash flows. As more assets are added to the trust’s portfolio, such operational successes will play a crucial role in building investor confidence and supporting long-term growth The start of tolling by IRB Harihara Corridors on the TOT-17 project represents a key development in India’s highway monetisation journey. It reflects the maturing of the InvIT ecosystem, the effectiveness of the Toll-Operate-Transfer model and the growing role of private operators in managing national infrastructure assets. With stable traffic potential, strong.
Institutional backing and a supportive policy framework, the TOT-17 project is well positioned to contribute meaningfully to both IRB Infrastructure Trust’s (India) financial performance and India’s broader road infrastructure goals.
Q1 What is the TOT-17 project awarded to IRB Harihara Corridors?
The TOT-17 project is a Toll-Operate-Transfer highway asset bundle awarded by NHAI to IRB Harihara Corridors, an SPV of IRB Infrastructure Trust, to operate, maintain and collect toll for a fixed concession period.
Q2: When did IRB Harihara Corridors start tolling on the project?
IRB Harihara Corridors has commenced toll collection after completing all handover formalities and operational readiness approvals, marking the official start of revenue operations for the TOT-17 asset.
Q3 What is the role of IRB Infrastructure Trust in this project?
IRB Infrastructure Trust owns the TOT-17 asset through its special purpose vehicle and will receive toll revenues, which will support regular cash flows and distributions to its unitholders.
Q4 Why is the start of tolling important for investors?
The start of tolling is a key revenue trigger that improves cash flow visibility, strengthens financial performance and enhances long-term return potential for investors in IRB Infrastructure Trust.
Q5 How does the TOT model benefit India’s highway development?
The Toll-Operate-Transfer model helps NHAI monetise existing highways, fund new infrastructure projects and ensure efficient private sector management of national road assets.
