Project Implementation Agreements Executed for Solapur Yedeshi and CG Tollway Acquisition

Update on the previously approved acquisition of two road SPVs from IRB Infrastructure Trust (Private InvIT).

Tue 29 Sep 2026

SYTL Project

Four-laning of Solapur–Yedeshi, NH-211, design length 98.717 km, Maharashtra (DBFOT Toll)

CGTL Project

Six-laning of Kishangarh–Udaipur–Ahmedabad, NH-79, km 90.000 to km 214.870, Rajasthan (BOT Toll)

Sponsor Holding

IRB Infrastructure Developers Ltd holds 16.12% in the Trust

Agreement Date

Project Implementation Agreements and facility agreements dated September 28, 2026

Related Party Status

Sponsor appointment as Project Manager is a related party transaction at arm's length

What was shared

This is a progress update on a transaction already disclosed earlier and approved by unitholders on August 3, 2026 — the proposed acquisition by IRB InvIT Fund of the 100% equity share capital of Solapur Yedeshi Tollway Limited (SYTL) and CG Tollway Limited (CGTL) from IRB Infrastructure Trust (the Private InvIT).

The step completed now is the execution of Project Implementation Agreements, under which the Sponsor, IRB Infrastructure Developers Limited, will act as Project Manager for these two project SPVs of the Trust.

The two road assets

• SYTL: Four-laning of the Solapur to Yedeshi section of NH-211 from km 0.000 to km 100.000, design length 98.717 km, in Maharashtra, under NHDP Phase IV on Design, Build, Finance, Operate and Transfer (DBFOT) Toll basis.
• CGTL: Six-laning of the Kishangarh–Udaipur–Ahmedabad section from km 90.000 (near Gulabpura) to km 214.870 (end of Chittorgarh Bypass) of NH-79 in Rajasthan, Package-2, under NHDP Phase V on BOT (Toll) mode.

Other agreements

The Trust has also entered into shareholder loan agreements and facility agreements, each dated September 28, 2026, with each of the Project SPVs. Certain ancillary agreements are proposed to be executed in connection with the transaction.

Related party angle

The Sponsor holds 16.12% in the Trust and is a related party. Since the Sponsor is proposed to be appointed as Project Manager for these projects, that appointment is a related party transaction, which the update states is at arm's length. The Trust holds no shareholding in the entity with whom the agreement is executed.

The update records no special rights such as the right to appoint directors, first right to share subscription, or rights to restrict changes in capital structure, and no issuance of shares to the parties.

How to read it

For a unitholder, this is a procedural but necessary step in bringing the two toll roads under the Trust: the operator/manager arrangement for the assets is now documented. The commercial effect on distributions will depend on how the acquired assets perform once they are part of the Trust's portfolio.

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