Gujarat State Road Development Corporation Limited

What Gujarat State Road Development Corporation Limited does

Gujarat State Road Development Corporation Limited (GSRDC) is a Government of Gujarat undertaking incorporated in May 1999 under the Gujarat Infrastructure Development Act, 1999 (GIDB Act). It develops and maintains state highway road infrastructure across Gujarat through Public-Private Partnership (PPP) models, including Build-Operate-Transfer (BOT), Design-Build-Finance-Operate-Maintain-Transfer (DBFOMT), Hybrid Annuity Mode (HAM), and Modified Annuity Basis. GSRDC operates 22 toll plazas across multiple districts (Ahmedabad, Banaskantha, Jamnagar, Kutch, Panchmahals, Rajkot, Morbi, Arvalli, Sabarkantha, Surat, Anand, Bharuch, Surendranagar), collecting user fees as its primary revenue stream, supplemented by annuity payments under HAM arrangements.

The corporation's portfolio spans four-laning of state highways (Rajkot-Jamnagar-Vadindar SH-25, Halol-Godhra-Shamlaji SH-5, Ahmedabad-Viramgam-Maliya SH-7/17, Chikhli-Saputara-Hill Road), six-laning projects (Bagodara Tarapur Vasad Road packages), high-speed corridors and access-controlled expressways (Bharuch-Dahej, Wataman-Pipli, Bhuj-Bhachau), elevated corridors (Bharuch-Dahej six-lane elevated corridor), and railway over bridges. Total project costs for active concessions range from Rs. 7 crores to Rs. 1,015 crores, with concession periods typically 10-22 years. Key private concessionaire partners include L&T group entities (L&T Rajkot-Vadindar Tollway Ltd, L&T Halol-Shmalaji Tollway Ltd, L&T Ahmedabad-Maliya Tollway Ltd), GHV India Pvt. Ltd., MSK Projects, Kalthia, RKC Infrabuilt, and NG Projects.

GSRDC operates from its headquarters at Nirman Bhavan, Sector 10-A, Gandhinagar, with 251-500 employees. The Chairman is the sitting Chief Minister of Gujarat (Shri Bhupendra Patel), with governance provided by senior state bureaucrats and external directors. GSRDC does not have external private investors and operates as a wholly government-owned entity, making it functionally distinct from investable private infrastructure companies. The corporation's go-to-market is enterprise/government field sales, securing private participation through competitive public bidding governed by the GIDB Act.

Name

Gujarat State Road Development Corporation Limited

Legal name

Gujarat State Road Development Corporation Limited

Website

https://gsrdc.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

251–500 employees

Short description

Gujarat State Road Development Corporation Limited (GSRDC) is a Government of Gujarat undertaking, established in 1999, that develops and maintains state highway infrastructure through Public-Private Partnership models (BOT, HAM, DBFOMT) and operates 22 toll plazas across Gujarat.

Ownership category

akta.pro rank

Headquarters

HQ city

Gandhinagar

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Others

Revenue model

1. Toll Revenue Collection: GSRDC collects user fees (tolls) from vehicles using roads developed under PPP mode. The toll rates are notified for different road sections and vehicle categories. The company operates 22 toll plazas across Gujarat covering multiple state highways.
2. Annuity Payments: Under Hybrid Annuity Mode (HAM) projects, GSRDC receives annuity payments from the government over the concession period for road construction and maintenance services.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

GSRDC develops and maintains state highway infrastructure in Gujarat through Public-Private Partnership models (BOT, DBFOMT, HAM and EPC), awarding construction and operating concessions to private concessionaires. It operates 22 toll plazas across the state, collecting user fees from motorists and administering toll notifications. Its portfolio spans four-laning, six-laning, high-speed corridors, elevated corridors, expressways, and railway over bridges supporting Gujarat's economic corridors.

Product overview

Gujarat State Road Development Corporation Limited (GSRDC) is a Government of Gujarat undertaking that develops and maintains state road infrastructure. The corporation operates a portfolio of road projects delivered through three primary modes: Build Operate Transfer (BOT), Hybrid Annuity Mode (HAM), and Engineering, Procurement and Construction (EPC). Core offerings include toll plaza operations and management across 22 locations in Gujarat, and Public Private Partnership (PPP) road projects. The product portfolio spans multiple project types including high-speed corridors (Bharuch-Dahej, Wataman-Pipli, Bhuj-Bhachau), four-laning and six-laning highway projects, elevated corridors, and railway over bridge construction. GSRDC's infrastructure services support economic development in Gujarat, which accounts for 35% of India's exports.

Differentiator

Problem solved

Functional benefit

Products and services

• Road Infrastructure Development Services Development and maintenance of state highways and road infrastructure in Gujarat through Build Operate Transfer (BOT), Hybrid Annuity Mode (HAM), DBFOMT, and EPC project delivery models, awarded to private concessionaires.
• Toll Plaza Operations and Management

Quantifiable outcome

• Rs. 19,951 crores planned outlay for road infrastructure under Gujarat Infrastructure Agenda – Vision 2010
• +1 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

13 partnerships are on record, tiered core and minor.

• GHV India PVT.Ltd.coreChannel Partner/ Reseller/ DistributorGHV India PVT.Ltd. is the concessionaire for the Bharuch-Dahej Access Controlled Expressway on Hybrid Annuity Mode (HAM). Project cost is Rs. 828 crores for a 40 km stretch with 15-year concession period.
• L&T Rajkot-Vadindar Tollway Ltd.coreChannel Partner/ Reseller/ DistributorL&T Rajkot-Vadindar Tollway Ltd. is the concessionaire for four-laning of Rajkot-Jamnagar-Vadindar Road (SH-25). Project cost is Rs. 774.80 crores for 131.65 km, completed in February 2012 with 20-year concession period.
• L&T Halol – Shmalaji Tollway Ltd.coreChannel Partner/ Reseller/ DistributorL&T Halol-Shmalaji Tollway Ltd. handles four-laning of Halol-Godhra-Shmalaji Road (SH-5). Project cost Rs. 808.65 crores for 173.03 km, completed in April 2012.
• L&T Ahmedabad – Maliya Tollway Ltd.coreChannel Partner/ Reseller/ DistributorL&T Ahmedabad-Maliya Tollway Ltd. operates four-laning of Ahmedabad-Viramgam-Maliya Road (SH-7 and SH-17). Project cost Rs. 1,015.36 crores for 180.05 km with 22-year concession period.
• M. S. Khurana Infrastructure and Toll Road Private LimitedcoreChannel Partner/ Reseller/ DistributorConcessionaire for improvement and strengthening of Bhuj-Nakhtrana Road (SH-42). Project cost Rs. 35.04 crores for 45 km, completed February 2008 with 13 years 3 months concession.
• M/s Ranjit Toll Road Pvt Ltd.coreChannel Partner/ Reseller/ DistributorConcessionaire for improvement and strengthening of Deesa-Panthavada-Gundri road on BOT basis. Project cost Rs. 47 crores for 44.12 km, completed March 2011 with 28-year concession period.
• M/s MSK Projects (Kim-Mandvi Corridor) Pvt Ltd.coreChannel Partner/ Reseller/ DistributorConcessionaire for improvement and strengthening of Kim-Mandvi Road (SH-65) on BOT basis. Project cost Rs. 21.10 crores with 20-year concession period.
• MSK Project Pvt. Ltd. BarodaminorChannel Partner/ Reseller/ DistributorConcessionaire for widening and strengthening of Himmatnagar Bypass (SH-9) on BOT basis. Project cost Rs. 7 crores for 8.7 km, completed April 2006.
• Kalthia Bagodara Tarapur Highway Pvt Ltd.coreChannel Partner/ Reseller/ DistributorConcessionaire for six-laning of Bagodara Tarapur Vasad Road Package-I on DBFOMT basis. Project cost Rs. 490.25 crores for 53.8 km with 18 months construction + 15 years O&M.
• RKC Infrabuilt (Tarapur-Vasad) Road Project Pvt.LtdcoreChannel Partner/ Reseller/ DistributorConcessionaire for six-laning of Bagodara Tarapur Vasad Road Package-II on DBFOMT basis. Project cost Rs. 603.76 crores for 48.1 km with 21 months + 15 years O&M.
• NG Projects Pvt.LtdcoreChannel Partner/ Reseller/ DistributorConcessionaire for upgradation of Himmatnagar Bypass including Hathmati River Major Bridge. Project cost Rs. 74.74 crores for 8.7 km, expected completion August 2024.
• Ajay Bridge Nirman PVT LtdcoreChannel Partner/ Reseller/ DistributorConcessionaire for six-laning of elevated corridor on Bharuch-Dahej Road on Modified Annuity Basis. Project cost Rs. 420 crores for 3.4 km with 15+2 years concession.
• Perfect Kim Mandvi Road Project LtdcoreChannel Partner/ Reseller/ DistributorConcessionaire for strengthening of Kim-Mandvi Road on Modified Annuity Basis. Project cost Rs. 200 crores for 39.6 km with 10+2 years concession period.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Ashoka Buildcon: Road and highway infrastructure developer with PPP concessions across multiple Indian states. Comparable in PPP road delivery and toll-road operations, with emerging scale.
• Dilip Buildcon: Highway construction specialist with significant HAM/BOT project portfolio in India. Comparable in road project execution and PPP delivery, primarily an EPC concessionaire rather than a road-owning entity.

Direct peers

• IRB Infrastructure Developers: One of India's largest private road and highway developers operating BOT/toll road concessions. Comparable in BOT/HAM project execution and toll-road operations, though as a private-sector player IRB is a concessionaire counterparty to GSRDC rather than a peer issuer.
• Sadbhav Engineering / Sadbhav Infrastructure Project Limited: Indian road infrastructure developer with BOT/HAM highway concessions. Comparable in PPP road execution and toll-road operations; operates as a private concessionaire counterpart to state entities like GSRDC.
• Maharashtra State Road Development Corporation (MSRDC): Direct comparability: MSRDC is a peer state government undertaking that develops road infrastructure in Maharashtra through PPP models including BOT and annuity. Same business model, same customer (state government), same revenue streams (toll + annuity).

Broad incumbents

• Reliance Infrastructure: Large Indian infrastructure conglomerate with road, metro, and power projects. Comparable in large-scale road PPP execution and toll operations, though broader in scope.
• National Highways Authority of India (NHAI): India's central road infrastructure developer operating national highways and expressways through similar PPP/toll models. Directly comparable in activities (toll collection, BOT/HAM concessions, highway construction) and customer base (government), though at a national scale versus GSRDC's state focus.
• Larsen & Toubro (L&T) Infrastructure: Among the largest EPC contractors in India with extensive road/highway PPP concessions (L&T's subsidiaries named in GSRDC's own concessionaire list). Comparable through major road project delivery and BOT experience, though broader than roads alone.

Regional players

• Karnataka Road Development Corporation Limited (KRDCL): Karnataka's state road development entity with comparable PPP-based road expansion mandate. Similar structure to GSRDC and operates in a different state geography.
• Madhya Pradesh Road Development Corporation (MPRDC): State-level road development corporation operating in Madhya Pradesh with similar PPP framework and toll collection mandate. Directly comparable business model, serving a different geography.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Customer concentration

• LinkedInlinkedin.com/company/gujarat-state-road-development-corporation-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gujarat State Road Development Corporation Limited