Ircon to monetise 4 highway assets; PSU plans to unlock 3,000cr value as part of GoI's infra monetisation

Mumbai: Ircon International has put four highway assets on the block as part of government's broader infrastructure monetisation programme, people familiar with the development told ET. The enterprise value of assets, for which Axis Capital has the sale mandate, is likely to be around ₹3,000 crore, the people said.

The portfolio on sale of the railway ministry's listed engineering and construction company comprises two build-operate-transfer toll-road assets, the 97-km Ircon Shivpuri Guna Tollway in Madhya Pradesh and the 159-km Ircon PB Tollway in Rajasthan, and two hybrid annuity model projects, the 79-km Ircon Davanagere Haveri Highway in Karnataka and the 32-km IrconVadodara Kim Expressway in Gujarat.

The government holds 65% stake in Ircon.


Ircon was a mini ratna category-I PSU since 1998 and was upgraded to Navratna status in October 2023. Although the company has diversified into roads, buildings, electrical substations and distribution, airport construction, commercial complexes and metro segments, it mainly earns its revenue from the railway segment.

For FY26, Ircon posted turnover of ₹9,502 crore and net profit of ₹592 crore on a consolidated basis. It posted operating revenue of ₹1,205 crore from highways (14% of overall operating revenue) in FY26, down from ₹1,871 crore (18%) in FY25

Railways contributed about 82% of its annual operating income of ₹6,995 crore in FY26.

Emails sent to Ircon officials did not elicit a response till press time.