PNC Infra Eyes Robust Growth with Resumption in Infra Bids
ROADS & HIGHWAYS

PNC Infra Eyes Robust Growth with Resumption in Infra Bids

PNC Infratech has announced that the Company and its SPVs are now eligible to bid for new projects from 17th February, 2025, allowing it to actively pursue fresh projects in the infrastructure sector and reinforcing its commitment to national development.

This is after the Ministry of Road Transport & Highways (MoRTH) reduced its previously imposed restrictions on the Company and its two Special Purpose Vehicles (SPVs) from one year to four months now, which is culminating on February 17th 2025. The revised order, issued by the MoRTH on February 6, 2025, modifies the original restriction starting October 18, 2024 to a period of 4 months, subject to the completion of certain procedures by the Company with the National Highways Authority of India (NHAI).

This will also help the company in expanding its order book and increase its topline. PNC Infratech has a robust order book of over Rs. 19,900 crores (as of September 30, 2024), with several key EPC projects under construction. This includes the Prayagraj – Kaushambi project with the MoRTH, Jalna-Nanded and Pune ring road projects with the Maharashtra State Road Development Corporation and the Akkalkot Pkg-II (Badadal-Maradgi S), Sonali – Gorukhpur and Kanpur-Lucknow Expressway Pkg-2 with the NHAI. Road highway, road expressway, railway and canal EPC projects constitute 84% of total order-book.

PNC has now obtained a change in control approval from NHAI for 8 of the assets, which it will be transferring to KKR-backed Highways Infrastructure Trust. With this, the PNC-KKR deal is on track for closure by 31st March 2025 as PNC Infratech is in the process of fulfilling the conditions precedents (CPs) for the transaction. One of the major CPs under the deal included change in control approvals from the highway authorities and no objection certificates from the lenders to the projects.

PNC Infratech has announced that the Company and its SPVs are now eligible to bid for new projects from 17th February, 2025, allowing it to actively pursue fresh projects in the infrastructure sector and reinforcing its commitment to national development. This is after the Ministry of Road Transport & Highways (MoRTH) reduced its previously imposed restrictions on the Company and its two Special Purpose Vehicles (SPVs) from one year to four months now, which is culminating on February 17th 2025. The revised order, issued by the MoRTH on February 6, 2025, modifies the original restriction starting October 18, 2024 to a period of 4 months, subject to the completion of certain procedures by the Company with the National Highways Authority of India (NHAI). This will also help the company in expanding its order book and increase its topline. PNC Infratech has a robust order book of over Rs. 19,900 crores (as of September 30, 2024), with several key EPC projects under construction. This includes the Prayagraj – Kaushambi project with the MoRTH, Jalna-Nanded and Pune ring road projects with the Maharashtra State Road Development Corporation and the Akkalkot Pkg-II (Badadal-Maradgi S), Sonali – Gorukhpur and Kanpur-Lucknow Expressway Pkg-2 with the NHAI. Road highway, road expressway, railway and canal EPC projects constitute 84% of total order-book. PNC has now obtained a change in control approval from NHAI for 8 of the assets, which it will be transferring to KKR-backed Highways Infrastructure Trust. With this, the PNC-KKR deal is on track for closure by 31st March 2025 as PNC Infratech is in the process of fulfilling the conditions precedents (CPs) for the transaction. One of the major CPs under the deal included change in control approvals from the highway authorities and no objection certificates from the lenders to the projects.

Next Story
Infrastructure Transport

Rs 1 Tn National Highway Projects Delayed: Care Ratings

Over half of the 374 road projects awarded by the national highways authority, with a total construction cost of Rs 1 trillion, have experienced delays exceeding six months as of December 2024. The extent of time overruns has risen significantly, from 33 per cent in June 2023 to 55 per cent by the end of 2024, indicating worsening project execution timelines. All these projects are being implemented under the Hybrid Annuity Model (HAM), which remains the dominant approach in national highway development, accounting for 55 per cent of all projects. These contracts, awarded between 2015 and 202..

Next Story
Infrastructure Transport

India Plans 1,450 Km of Asphalt Roads Along the Indo-Pak Border

A large-scale road construction project is set to enhance border security, with 1,096 km of roads planned in Rajasthan and 354 km in Punjab. The initiative is expected to commence within a month, improving patrolling efficiency for the Border Security Force (BSF). Currently, BSF personnel face significant challenges in monitoring the border due to shifting sand dunes and rough terrain. The development of these roads will facilitate smoother movement both on foot and in vehicles, such as jeeps and gypsies. Improved vehicular access will also help reduce response time between border outposts, s..

Next Story
Infrastructure Transport

NHAI Shuts Down CALA Cells in Six Tehsils of Odisha's Jagatsinghpur

The National Highways Authority of India (NHAI) has discontinued the Competent Authority for Land Acquisition (CALA) cells in six tehsils of Jagatsinghpur district. This decision has impacted the preparation of the detailed project report (DPR) for the proposed Cuttack-Kandarpur-Paradip economic corridor, along with inter-corridors and feeder routes under Bharatmala Pariyojana Lot-5. The move has been met with approval from local farmers, who had raised concerns about land acquisition for the project. While they did not oppose the project itself, they had urged authorities to consider alterna..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?