PNC Infra Eyes Robust Growth with Resumption in Infra Bids

11 Feb 2025 CW Team

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.

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