MoRTH Eases Restrictions for PNC Infratech and Expands Project Scope

12 Feb 2025 CW Team

PNC Infratech and its Special Purpose Vehicles (SPVs) will regain eligibility to bid for new infrastructure projects starting February 17, 2025. This follows a revised directive from the Ministry of Road Transport & Highways (MoRTH), which reduced the previously imposed restrictions on the company and its SPVs from one year to four months. The restrictions, initially enforced on October 18, 2024, were modified through an order issued on February 6, 2025, contingent on the completion of specific procedures with the National Highways Authority of India (NHAI).

With this development, PNC Infratech is positioned to expand its order book and strengthen its financial performance. As of September 30, 2024, the company holds an order book valued at over Rs 199 billion, comprising several key Engineering, Procurement, and Construction (EPC) projects. Major ongoing projects include the Prayagraj-Kaushambi project under MoRTH, the Jalna-Nanded and Pune Ring Road projects under the Maharashtra State Road Development Corporation, and multiple highway packages such as Akkalkot Pkg-II (Badadal-Maradgi S), Sonali-Gorakhpur, and Kanpur-Lucknow Expressway Pkg-2 under NHAI. Road highways, expressways, railways, and canal EPC projects constitute 84 per cent of the total order book.

Additionally, PNC Infratech has secured change-in-control approvals from NHAI for eight assets, which will be transferred to the KKR-backed Highways Infrastructure Trust. The PNC-KKR transaction remains on track for completion by March 31, 2025, with the company progressing toward fulfilling the necessary conditions, including approvals from highway authorities and no-objection certificates from project lenders.

News source: SME Street

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