PNC Infratech Limited (PNCIL) is engaged in India's infrastructure development through the construction of highways including BOT (built, operate and transfer projects), airport runways, bridges, flyovers and power transmission projects among others. The Company provides end-to-end infrastructure implementation solutions, including EPC services on a fixed-sum turnkey basis. Additionally, it implements projects using various public-private partnership models, such as Design-Build-Finance-Operate-Transfer (DBFOT), Operate-Maintain-Transfer (OMT), conventional and Hybrid Annuity Mode (HAM) projects. PNC Infratech is one of the few infrastructure firms in India with a proven track record of investment, development, construction, operation, maintenance, and management of highway projects across geographies.
The company has now evolved into a leading highway development, construction and management company due to its integrated business model (i.e. in-house design, engineering, construction, operation and management coupled with large equipment bank), enhanced execution capabilities which includes strengthening of In-house execution team with induction of designers and engineers with strong technical knowledge, enhanced working capital limits and strong credit profile, long-established relationships with various clients and multi-state presence with regional focus. The company has a very strong presence in radius of 500 kms of Delhi spanning over states of UP, Rajasthan, Haryana, Punjab, Madhya Pradesh and Uttarakhand in terms of project execution infrastructure and expertise.
The in-house team helps control cost and complete the projects on time. The design & engineering teams help to control the entire process from conceptualization to commissioning of a given project which helps in providing customized solutions as per clients' specific requirements. The large and advanced in-house equipment bank helps the company to optimize the use of equipment and lower dependency on third parties, which in turn enables to improve profitability through timely completion of project. The company also executes the majority portion of the projects through in-house construction teams and outsources only the non-core items of work with an aim of optimum utilization of resources. The BOT portfolio operations are managed through internal operations and management team which has been instrumental in efficient operations of BOT projects. The In-house design, engineering, construction, operation and management with large and modern equipment bank helped the company to establish a proven track record and establishing strong credentials in sectors like roads & highways, bridges and airport runways.
The company's clientele includes Central, State and Local Government authorities like NHAI, MoRTH, Airports Authority of India, Military Engineering Services, Delhi State Industrial and Infrastructure Development Corporation Limited, Haryana State Roads and Bridges Development Corporation Limited, Madhya Pradesh Road Development Corporation Limited, Uttar Pradesh State Highways Authority, Uttar Pradesh Expressway Industrial Development Authority, State PWDs, Dedicated Freight Corridor Corporation of India Limited, among others.
The Company was incorporated as PNC Construction Company Private Limited' on August 9, 1999 under the Companies Act 1956, with the Registrar of Companies, Uttar Pradesh at Kanpur. Pursuant to a resolution of the shareholders dated January 15, 2001, the Company was converted to a public limited company, and accordingly the name was changed to PNC Construction Company Limited' and a fresh certificate of incorporation consequent upon change of name on conversion to public limited company was issued by the Registrar of Companies, Uttar Pradesh at Kanpur on February 12, 2001. Pursuant to a resolution of the shareholders dated July 14, 2007, the name was changed to PNC Infratech Limited' and a fresh certificate of incorporation consequent upon change of name was issued by the Registrar of Companies, Uttar Pradesh and Uttaranchal on August 2, 2007. The name was changed to reflect the shift in the Company's focus from basic construction activities to high-tech construction activities such as construction of airport runways, bridges and to make the name of the Company commensurate with its main objects. On September 30, 2009, the Company Law Board approved change in location of the Registered Office from Uttar Pradesh to Delhi, with effect from November 1, 2009, and a certificate of registration of the order of the Company Law Board was issued by the RoC on November 12, 2009. For further information on changes in the Registered Office of the Company, Prior to incorporating the Company, Mr. Pradeep Kumar Jain, the Chairman and Managing Director and one of the Promoters, was engaged in the business of providing integrated construction services for infrastructure sector through PNC Construction Company, a sole proprietorship firm located at Agra, which had been in existence since 1989. In 2000 and 2001, the Company acquired the business of the sole proprietorship firm from Mr. Pradeep Kumar Jain, in consideration for Equity Shares of the Company.
In 2004, the company received certification of ISO 9001:2000
In 2005, the company executed first international airport runway project for the AAI at Kolkata
In 2007, the company was awarded BOT road project by MPRDCL, Madhya Pradesh executed through the joint venture, JNTRCPL
In 2008, the company into entered business of setting up power transmission lines with the construction project of approximately 350 kilometers of 132/220 kilovolt lines on a turn-key basis, excluding supply of towers, conductors and earth-wires for the Uttar Pradesh Power Transmission Corporation Limited
In 2009, the company was awarded bid contract in respect of improvement of Gurgaon-Nuh-Rajasthan Border (State Highway 13) by four laning, widening, strengthening, providing, drains, widening or bridges and culverts, retaining of structures and other miscellaneous work by the Haryana State Roads and Bridges Development Corporation Limited, the single largest project awarded to the Company in terms of value, amounting to Rs. 3,380 million
In 2010, the company was awarded the first independent road project on a BOT basis, in respect of Gwalior-Bhind Madhya Pradesh/Uttar Pradesh Border Road two-laning project through two sections on National Highway 92, which is being undertaken independently by the Company and the company was also awarded road project of two laning with paved shoulders of Kanpur Kabrai section of National Highway 86 in Uttar Pradesh and also the company was awarded project of construction of 132 KV S/C and 220 KV D/C Lines in Uttar Pradesh
In 2011, the company executed work of four-laning of Jaora-Nayagaon section on State Highway 31 in Madhya Pradesh
In 2012, the company was awarded project of two laning with paved shoulders of Raebareli to Jaunpur Section of National Highway 231 in Uttar Pradesh under NHDP IV and the company also executed work of construction of road-over bridge at kilometer 13 on Ajmer Beawer Road, Old National Highway, including approaches at railway/kilometer 306/8-9 on Ajmer Saradhana Section Awarded the project of construction of Hamipur Kalpi road (State Highway 91) four-lane under Rajya Yojna Samanya Year 2013-2014 in Uttar Pradesh. The company was also awarded the project of resurfacing of runway at Air Force Station, Gorakhpur
In 2013, the company was awarded and commenced collection of tolls in respect of first project on OMT basis, the operation and maintenance of Kanpur-Lucknow section of National Highway 25, Lucknow bypass of National Highway 56A and National Highway 56B and Lucknow-Ayodhya section of N 28 in Uttar Pradesh on OMT basis by the NHAI for a period of nine years from August 2013.
The company completed its Initial Public Offering(IPO), in May 2015, pursuant to which 1,29,21,708 number of equity shares of Rs. 10 each were allotted at a price of Rs. 378 per equity share, consisting of fresh issued 1,15,00,000 equity shares and offer for sale of 14,21,708 equity shares by NYLIM Jacob Ballas India (FVCI)III LLC. The issue received an overwhelming response from the investing community and was subscribed by over 1.40 times, with the QIB portion getting oversubscribed by over 4.5 times, employee by over 1.04 times. The equity shares of the company were listed on National Stock Exchange of India Limited and BSE Limited on May 26, 2015.
PNC Kanpur Highways Limited, a wholly owned subsidiary of PNC Infratech Limited, commenced toll operations with effect from 7th May 2015 on the Kanpur-Kabrai section of National Highway - 86. Ghaziabad Aligarh Expressway Pvt. Ltd (GAEPL), an associate company of PNC Infratech Limited, commenced toll operations with effect from 24th June 2015 on the Ghaziabad-Aligarh section of National Highway - 91. PNC Bareilly Nainital Highways Private Limited, a wholly owned subsidiary of PNC Infratech Limited, commenced toll operations with effect from 19th October, 2015, on Bareilly-Almora (Uttarakhand Border) Section of Uttar Pradesh State Highway-37
The Board of Directors of PNC Infratech Limited (PNCIL) at its meeting held on May 27, 2016 approved the proposal to split one equity share of face value of Rs 10/- each into five equity shares of Rs 2/- each to improve market liquidity and also to make the shares more affordable to small investors. The said split of equity share was approved by the Shareholders through postal ballot dated July 19, 2016. The company has completed all the formalities in this regard.
PNCIL was declared L1 (lowest) bidder for the project of Four laning / Two laning with paved shoulder from Km. 0.000 to Km. 83.453 of Dausa - Lalsot - Kauthun Section of NH-11A (Extension) in the State of Rajasthan by National Highways Authority of India. To implement the said Project, 'PNC Rajasthan Highways Private Limited', a Special Purpose Vehicle was incorporated on August 22, 2016 by the company. PNC Rajasthan Highways Private Limited' is the newly incorporated step - down subsidiary of PNCIL.
PNC Rajasthan Highways Private Limited, a wholly owned subsidiary of PNC Infratech Limited signed Concession agreement on November 7, 2016 for the project Dausa Lalsot Hybrid Annuity Projects of NHAI and achieved financial closure within the stipulated time. The Project is started and is expected to be completed before the stipulated time.
Agra-Firozabad road project was inaugurated on November 21, 2016 and open to start for public from February 23, 2017. PNC Raebareli Highways Private Limited, a wholly owned subsidiary of PNC Infratech Limited, successfully commissioned the project more than 3 months ahead of schedule and received its first semiannual annuity of Rs 64.30 crore on December 5, 2016 and is entitled to receive annuity for every half year during the remaining 15 years of the concession period, including proportionate amount of bonus for early completion in terms of the concession agreement amounting to Rs 35 crore.
PNC Power Private Limited could not have any business activity over a good period of more than 4 years. Therefore, the company sold its investment in equity shares of said subsidiary. Hence, PNC Power Private Limited ceased to be a subsidiary of the Company w.e.f. March 10, 2017.
During the financial year ended 31 March 2017, PNCIL was awarded projects of over Rs 5500 crore which is the highest awarded projects in any single Financial Year
The company was declared L1 (lowest) bidder for the project of Six Laning of Chitradurga-Davengere including Chitradurga bypass (Km 189+000 to Km 260+000 of NH-48 (Old NH-4)) in the State of Karnataka on Hybrid Annuity Mode under NHDP Phase-V. To implement the said Project, 'PNC Chitradurga Highways Private Limited, a Special Purpose Vehicle was incorporated on April 20, 2017 by the Company. PNC Chitradurga Highways Private Limited' is the newly incorporated step - down subsidiary of PNCIL.
The Company was declared L1 (lowest) bidder for the project of Four Laning of Jhansi - Khajuraho section (Package- I) from Km 0.00 to Km 76.3 (existing Km 106.300 of NH-25 Kanpur-Jhansi Section to Km 82.10) of NH -75/76 in the State of UP/MP under NHDP Phase-III on Hybrid Annuity Mode. To implement the said Project, 'PNC Bundelkhand Highways Private Limited, a Special Purpose Vehicle was incorporated on April 21, 2017 by the Company. PNC Bundelkhand Highways Private Limited is the newly incorporated step - down subsidiary of PNCIL.
During the financial year ended 31 March 18, the company bagged projects worth Rs 3356 crore. The company was declared L1 (lowest) bidder for the project of 145 km long six laning of Chakeri to Allahabad section of NH - 2 from km 483.687 to km 628.753 in the state of Uttar Pradesh under NHDP Phase-V to be executed on Hybrid Annuity Mode for a Bid Project Cost of Rs 2159 crore. To implement the said Project, PNC Triveni Sangam Highways Private Limited, a Special Purpose Vehicle was incorporated on December 27, 2017 by PNC Infratech Limited (PNCIL). PNC Triveni Sangam Highways Private Limited' is the newly incorporated step - down subsidiary of PNCIL.
The Company was declared L1 (lowest) bidder for the one project of 4-laning of Aligarh-Kanpur Section from km.186 (Design Chainage 195.733) to km.229 (Design Chainage 240.897) (Package II from Bhadwas-Kalyanpur) of NH 91 in the State of Uttar Pradesh on Hybrid Annuity mode under Bharatmala Pariyojana. To implement the said Project, PNC Aligarh Highways Private Limited, a Special Purpose Vehicle was incorporated on April 12, 2018 by the company. PNC Aligarh Highways Private Limited' is the newly incorporated step - down subsidiary of PNCIL.
The Company has 2 direct subsidiary, 14 step-down subsidiaries and 1 associate company as on March 31, 2019.
During the financial year 2019, two companies have been incorporated as step down subsidiaries as detailed below: -
1. The Company was declared L1 (lowest) bidder for the project of Four Laning of Aligarh-Kanpur section from km 186 to km 229 of NH 91, in the state of Uttar Pradesh under Bharatmala Pariyojna on Hybrid Annuity Mode. To implement the said Project, PNC Aligarh Highways Private Limited, a Special Purpose Vehicle was incorporated on April 12, 2018 by the Company. PNC Aligarh Highways Private Limited' is the newly incorporated step - down subsidiary of PNCIL.
2. The Company was declared L1 (lowest) bidder for the project of Four Laning from km 358.500 to km 414.205, Challakere to Hariyur section of NH-150A, On Hybrid Annuity Mode under Bharatmala Pariyojna in the state of Karnataka. To implement the said Project, PNC Challakere (Karnataka) Highways Private Limited, a Special Purpose Vehicle was incorporated on July 06, 2018 by the Company. PNC Challakere (Karnataka) Highways Private Limited' is the newly incorporated step - down subsidiary of PNCIL.
The Company has 2 direct subsidiary, 16 step-down subsidiaries and 1 associate company as on March 31, 2020.
During the financial year 2019-20, two company have been incorporated as step down subsidiaries as detailed below:-
1. The Company was declared the L1 (lowest) bidder for a NHAI Project of 70 km long Four Laning of UnnaoLalganj Section of NH 232 A from km 0 to 70 in the state of Uttar Pradesh under NHDP IVB, to be executed on Hybrid Annuity Mode for a Bid Project Cost of Rs. 1602.0 crore. To implement the said Project, PNC Unnao Highways Private Limited, a Special Purpose Vehicle was incorporated on March 20, 2020 by the Company. PNC Unnao Highways Private Limited' is the newly incorporated step - down subsidiary of PNCIL.
2. The Company was declared L1 (lowest) bidder for the Four laning of Jagdishpur - Faizabad Section from km 47.930 (Design Chaiange km 47.800) to km 107.680 (Design Chainage km 108.020) of NH-330A in the State of Uttar Pradesh on Hybrid Annuity Mode under Bharatmala Pariyojana for a Bid Project Cost of Rs 1530.0 crore. To implement the said Project, PNC Gomti Highways Private Limited, a Special Purpose Vehicle was incorporated on March 20, 2020 by the Company. PNC Gomti Highways Private Limited' is the newly incorporated step - down subsidiary of PNCIL.
The Company has 2 direct subsidiary, 18 step-down subsidiaries and 1 associate company as on March 31, 2021.
During the financial 2020-21, two companies have been incorporated as step down subsidiaries as detailed below:-
1. The Company was declared lowest bidder for Four Laning of Aligarh-Kanpur section from Km 356 (Design chainage 373.085) to Km 414. (Design chainage 433.728) (Package-V from Mitrasen-Kanpur) of NH-91 in the State of Uttar Pradesh on Hybrid Annuity Mode (HAM) for Rs. 1,412.0 Crore. To implement the said Project, PNC Bithur Kanpur Highways Private Limited, a Special Purpose Vehicle was incorporated on June 15, 2020 by the Company. PNC Bithur Kanpur Highways Private Limited' is the newly incorporated step - down subsidiary of PNCIL.
2. The Company was declared lowest bidder for Four-Laning of Meerut - Nazibabad section of NH-119 (New NH-34) from design chainage Km 11+500 (Meerut) to 39.250 (Behsuma) and from km 79.500 (Bijnor) to 105.700 (Jalalabad)' in State of Uttar Pradesh under Bharatmala Pariyojana on Hybrid Annuity Mode (HAM) for Rs. 1,412.0 Crore. To implement the said Project, PNC Meerut Haridwar Highways Private Limited, a Special Purpose Vehicle was incorporated on July 12, 2020 by the Company. PNC Meerut Haridwar Highways Private Limited' is the newly incorporated step - down subsidiary of PNCIL.
The Company along with wholly owned subsidiary, PNC Infra Holdings Limited and other partners/ promoters, on April 1, 2021, has entered into a Share Purchase Agreement' for sale of 35% entire stake in Ghaziabad Aligarh Expressway Private Limited, an 'Associate' of Company to Cube Highways and Infrastructure Pte Limited, for which Company received Rs. 274.85 Crore from Cube Highways. The divestment process of Ghaziabad Aligarh Project concluded on May 26, 2022 and the asset was handed over to Cube Highways.
In FY 2022, the Company completed more than 60 major road, highway, and expressway projects across the country. It completed BOT annuity project in India - area redevelopment and management of Industrial Estate of Narela, New Delhi for Delhi State Industrial & Infrastructure Development Corporation (DSIIDC). It has set up power transmission lines of approximately 350 km of 132/220 kilovolt
lines on a turn-key basis. It executed 21 airport runway projects.
During the period 2022-23, the Company sold Ghaziabad Aligarh Project on May 26, 2022 and the asset handed over to Cube Highways and Infrastructure Pte Limited , hence Ghaziabad Aligarh expressway Private Limited (GAEPL) ceased to be its Associate Company.
During the period 2022-23, the Company through a Share Purchase Agreement dated February 28, 2023 with BF Infrastructure Limited (BFIL), sold its entire shareholding in Ferrovia Transrail Solutions Private Limited (FTSPL), which completed on March 02, 2023, where, FTSPL ceased to be its subsidiary Company.
In 2022-23, the Company received Rs. 37.02 Crores completion bonus for Purvanchal Expressway Package VI EPC Project in Apr' 22 from Uttar Pradesh Expressways Industrial Development Authority. It secured a Railway Project on EPC Mode from Haryana Orbital Rail Corporation Limited for an aggregate contract value costing Rs 771.46 Crores in Mar'23; secured 3 Hybrid Annuity Mode (HAM) Highway Projects from National Highways Authority of India and 1 from Ministry of Road Transport & Highways costing Rs. 4083.43 Crores in March 2023; commissioned project for 6-laning of Chakeri to Allahabad Section of NH-19 in the State of UP under NHPD Phase-V on Hybrid Annuity Mode', in March 2023.
