IRB Infrastructure Developers has signed a share purchase agreement to transfer two of its highway subsidiaries to IRB InvIT Fund. The deal is valued at an aggregate equity value of Rs 2,744 crore and pushes forward a related-party transaction that has been in the works since May, as per the filing.
2 toll road assets being transferred
The assets in question are Solapur Yedeshi Tollway Limited and CG Tollway Limited. Both are wholly owned by IRB Infrastructure Trust, the private InvIT sponsored by the company.
SYTL holds the concession for a 98.7 km stretch of NH-211 between Solapur and Yedeshi in Maharashtra. It was incorporated in January 2014 and runs on a design, build, finance, operate and transfer toll model.
CGTL holds the concession for a roughly 125 km stretch of NH-79 in Rajasthan, covering the Kishangarh- Udaipur- Ahmedabad section. It was incorporated in October 2016 and operates on a build-operate-transfer toll basis.
As per the filing, the two SPVs contributed about Rs 306.59 crore, or 3.5%, to the Trust’s consolidated turnover in FY26. Their combined enterprise value stood at roughly Rs 4,663 crore, or 6.7% of the Trust’s total, as of March 31, 2026.
IRB InvIT to acquire 2 highway SPVs
The buyer is IRB InvIT Fund, the publicly listed infrastructure investment trust also sponsored by IRB Infrastructure Developers. Because both the seller and the buyer share a common sponsor, the transaction falls under related-party rules. The company has stated that the deal is being done on an arm’s length basis.
Unitholders of IRB Infrastructure Trust had already cleared the transfer at an extraordinary meeting on July 16, 2026, with voting results declared the same day.
Rs 2,744 crore equity value, Rs 4,605 crore EV
The parties have agreed on an aggregate equity value of Rs 2,744 crore for the two SPVs. This figure could rise if the deal closes after September 30, 2026, under terms set out between the parties.
Factoring in existing external debt of Rs 591 crore at SYTL and Rs 1,270 crore at CGTL, the aggregate enterprise value works out to Rs 4,605 crore as of that date. The consideration will be paid entirely in cash.
Alongside the equity transfer, the Trust will also recover subordinated debt and shareholder loans it had extended to the two SPVs.
IRB InvIT deal closing timeline
IRB has set September 30, 2026 as the indicative date for closing the transaction. A long stop date of December 31, 2026 has also been built in, with room for further extension if both sides agree.
About IRB Infrastructure Developers
IRB Infrastructure Developers is India’s leading and largest integrated infrastructure assets platform in the roads and highways sector, with a current portfolio of 28 revenue-generating highway assets valued at approximately Rs 940 billion across 13 Indian states. With about 1.5 million vehicle crossings daily across its assets, the company accounts for nearly a tenth of India’s total toll revenue.
Having completed its asset creation phase, IRB says it has now entered a cash-harvesting phase, backed by its InvIT monetisation strategy and sponsor-led operating leverage. With a weighted average residual concession life of about 21 years, the company aims to expand its asset base to roughly Rs 1,400 billion by FY2029 through an asset churn strategy that reinvests proceeds into new opportunities.
IRB Infrastructure Developers share price today
IRB Infrastructure Developers’ share price increased 2.17% as of early trade on September 23. The company’s share price decreased 3.01% in the past month. IRB Infrastructure Developers’ share price further declined by 14.95% in the past year.