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IRB Infrastructure Developers Ltd. (IRB) is India’s leading and the largest roads and highways infrastructure developer, and the country’s first Integrated Multi-National Transport Infrastructure Developer in the Roads & Highways segment. Its marquee portfolio includes the Mumbai–Pune Expressway, Ahmedabad–Vadodara Expressway and Hyderabad Outer Ring Road, and it sponsors 2 listed InvIT platforms. The Company is listed on NSE and BSE and is headquartered in Mumbai. It undertakes EPC construction and provides long-term operations and maintenance services, largely in collaboration with its subsidiaries and joint ventures.
IRB operates a pan-India network across 12 states, with a high-density presence in Maharashtra, Gujarat, Rajasthan and Uttar Pradesh. Strategically located across the Golden Quadrilateral and the North–South and East–West corridors, its portfolio spans 15,444 lane kms, 72 toll plazas and 828 FASTag-compliant lanes, serving around 1.3 Million vehicles daily. The Company’s asset base is Rs 800 billion+, and it reports a residual concession life of ~21 years across assets.
IRB’s business model covers Build–Operate–Transfer (BOT), Toll–Operate–Transfer (TOT) and Hybrid Annuity Model (HAM). As of FY 2024-25, the asset portfolio comprised 18 BOT, 4 TOT and 4 HAM projects, and 26 highway projects across 12 Indian states. Key partners include GIC (Singapore) and Cintra, a Ferrovial subsidiary, reflecting long-term strategic alignment with global infrastructure investors. The Company has 20 subsidiaries as on March 31, 2025, and remains the sponsor of both a Public InvIT and a Private InvIT platform.
IRB Infrastructure Developers Ltd’s Key Milestones
Milestone moments include: incorporation in 1998; a landmark upfront payment for the Mumbai–Pune Expressway project in 2004; IPO in 2008; launch and listing of India’s first Infrastructure Investment Trust (Public InvIT) in 2017; re-award of the Mumbai–Pune Expressway & NH‑48 under the TOT model in 2020; and major BOT/TOT project wins through 2023–2024, alongside ISO certifications and US$ bond issuances in 2024 .
Capital markets: Successfully completed issuance of US$ bonds of ~Rs 45,000 crore equivalents and a tap issuance of ~Rs 1,700 crore equivalents in 2024, broadening the investor base and optimising capital structure.
Certifications: Obtained ISO 9001 (Quality), ISO 14001 (Environmental), ISO 45001 (Occupational Health & Safety) and ISO 27001 (IT Security) certifications from ISOQAR in 2024, reinforcing process and safety standards across projects.
Segment disclosure: During FY 2024-25, the Group identified “InvITs & Related Assets” as a new operating segment, aligning reporting with its platform-based model for monetising mature assets .
Board changes: Appointment of Dr. Ajay Kumar Singh as Additional Independent Director (effective February 5, 2025), approved by shareholders on March 11, 2025. Vijay N. Bhatt and Bajrang Lal Gupta also joined as Independent Directors w.e.f. April 1, 2024 .
Recognition: Received an NSCI Certificate of Appreciation for safety performance at the Chittoor–Thachur HAM project .
IRB develops, operates and maintains road and highway assets under BOT, TOT and HAM models, while also executing EPC and long-term O&M services. It is the sponsor of 2 listed InvIT platforms in India .
IRB’s network spans 12 Indian states with major presence in Maharashtra, Gujarat, Rajasthan and Uttar Pradesh, along the Golden Quadrilateral and the North–South and East–West corridors .
IRB has 20 subsidiaries as on March 31, 2025. The Company is listed on NSE and BSE and is based in Mumbai .
