Mumbai, Dec. 23 -- The company said IRB Infrastructure Trust has been selected as the preferred bidder for NHAI's TOT-18 concession. The project involves tolling, operation, maintenance and transfer of the 74.5 km Chandikhole-Bhadrak section of NH-16 in Odisha.

The trust will make an upfront concession fee payment of Rs 3,087 crore to National Highways Authority of India after achieving financial closure. The concession period is 20 years and is revenue-linked. Tolling and operations are expected to commence from the appointed date, with annual tariff revision set at a fixed 3% plus 40% of the wholesale price index.

IRB Infrastructure Developers will act as the project manager for the concession. The project marks the group's entry into...