| BOT/ TOT Projects | Development, operation, and maintenance of toll roads under Build-Operate-Transfer and Toll-Operate-Transfer models. | Exclusive concession rights, extensive integrated asset management, strong government relationships. | B2G (government regulatory bodies), and B2C (road users/commuters). | Toll operations and long-term asset management provide high margins due to recurring revenue and low incremental cost. | 2483 | 33 | Toll collections and operational management fees; long-term revenue from road usage. | User toll-based revenue with government concession agreements; long-term contracts with fixed concession periods. | Government focus on highway expansion, InvIT monetization, asset turnover, increasing vehicle traffic. | Mumbai-Pune Expressway TOT, Surat-Dahisar, Kaithal Tollway |
| InvITs & Related Assets | Investment and management of toll road assets through Infrastructure Investment Trusts. | Sponsor and project management control, first mover advantage in Indian infrastructure InvIT space. | Institutional investors, government bodies, and infrastructure funds (B2B and B2G). | Management fees and sponsored asset operations with minimal capital expenditure post-transfer. | 760 | 10 | Management fees, asset monetization gains, and distribution from toll revenues. | Asset management fees; income from sponsor and project manager roles. | InvIT regulations encouraging infrastructure asset monetization; growing investor appetite for stable returns. | IRB Infrastructure Trust (Private InvIT), IRB InvIT Fund (Public InvIT) |
| Construction | Execution of highway and infrastructure projects including engineering, procurement, and construction (EPC). | Integrated EPC capabilities, experienced execution team, established vendor and subcontractor network. | B2G (NHAI, state governments), and B2B (subsidiaries and joint ventures). | Specialized highway construction and project management with timely execution bonuses. | 4561 | 57 | Contract revenue from project execution for government and private clients. | Fixed price or cost-plus contracts with milestones; project-based billing. | National Highway Development Program, rising infrastructure projects, government spending on roads. | IRB Engineering & EPC services |
