It will include Foreign Minister Jose Manuel Garcia-Margallo, Industry, Energy and Tourism Minister Jose Manuel Soria and Public Works and Transport Minister Ana Maria Pastor Julian.
The 40-strong delegation will stay in Iran for three days and hold talks with senior Iranian officials.
Business owners operating in the fields of infrastructure, development and road building, as well as oil and gas will accompany the three ministers.
The visit would come as part of a new wave of renewed interest in Iran after Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14 reached a conclusion over the text of a comprehensive 159-page deal on Tehran's nuclear program.
The comprehensive nuclear deal between Iran and the six powers would terminate all nuclear-related sanctions imposed on Iran after coming into force.
Experts believe that Iran's economic growth would rise remarkably after the final nuclear deal takes effect.