Bharat Road Network Ltd Company Summary

Bharat Road Network Ltd Summary

Bharat Road Network Limited, incorporated in December, 2006 at Kolkata, is a road BOT company in India, focused on development, implementation, operation and maintenance of roads and highways projects. The Company is presently engaged in the business of designing, building, operating, maintaining and carrying out all other activities pertaining to road projects.During the financial year ended 31 March 2006, the company was awarded BOT Project for (a) four laning of the existing two lane portion of the Thrissur -Angamali section of NH-47 from km 270 to km 316.70 (there is a missing chainage of 6.70 km) and (b) improvement, operation and maintenance of the Angamali - Edapalli section from km 316.70 to km 342.00 of NH-in the state of Kerala on DCDFOM pattern on BOT toll basis by Guruvayoor Infrastructure Private Limited (GIPL). During the financial year ended 31 March 2009, the company was awarded BOT project for four laning of the Indore-Ujjain portion from Ch. 5/2 to Ch. 53 on State Highway 27 in the state of Madhya Pradesh on a DBFOT pattern, on a BOT Toll basis being undertaken by Mahakaleshwar Tollways Private Limited (MTPL).During the financial year ended 31 March 2010, the company was awarded BOT project for four laning of the Ghaziabad-Aligarh section of NH-91 connecting km 23.60 to km 140.20 of NH-91 on DBFOT pattern on BOT Toll basis and subsequent six laning of the Ghaziabad-Aligarh section of NH-91 connecting km 23.60 to km 140.20 of NH-91 in the state of Uttar Pradesh (excluding Aligarh bypass from km 129.60 to km 149.90) before the 12th anniversary of the appointed date for the project i.e. February 25, 2011 being undertaken by Ghaziabad Aligarh Expressway Private Limited (GAEPL).During the year under review, the company was awarded BOT Project for augmenting the existing road by four laning the Rohtak-Bawal section of NH-71 from km 363.30 to km 450.80 in the state of Haryana on DBFOT Toll basis being under taken by Kurukshetra Expressway Private Limited (KEPL).During the financial year ended 31 March 2011, the company was awarded the BOT Project for augmenting the Chandikhole-Jagatpur-Bhubaneswar section of NH-5 in the state of Odisha from km 413.00 to km 418.00 and km 0.00 to km 62.00 (SJEPL Project Road) by six laning the SJEPL Project Road on a DBFOT pattern on BOT Toll basis being undertaken by Shree Jagannath Expressways Private Limited (SJEPL). During the year under review, the company achieved final date of commencement of the commercial operation (COD) of MTPL project. During the financial year ended 31 March 2012, the company achieved provisional date of commencement of the commercial operation (COD) of GIPL project. During the year under review, the company was awarded BOT Project for augmenting the existing road by four laning the Solapur-Maharashtra / Karnataka border section of NH-9 from km 249.000 to km 348.800 in the state of Maharashtra on DBFOT pattern on BOT Toll basis being undertaken by Solapur Tollways Private Limited (STPL).During the financial year ended 31 March 2014, the company achieved first provisional COD of KEPL project. During the year under review, STPL became a subsidiary of the company. During the financial year ended 31 March 2015, the company achieved second provisional COD of KEPL project. During the financial year ended 31 March 2016, the company achieved first provisional COD of GAEPL project.During the financial year ended 31 March 2017, the company achieved final COD of GIPL project. During the year under review, the company achieved second provisional COD of GAEPL project. During the year under review, the company achieved provisional COD of SJEPL project.In September 2017, the Company came up with a Public Issue of 29,300,000 Equity Shares by raising equity funds from public aggregating to Rs 600.66 Crores. On 05 October 2017, Bharat Road Network informed the stock exchanges that Shree Jagannath Expressways Private Limited (SJEPL), one of the associate companies in Odisha, has won an arbitration award of over Rs 100 crore. It is expected that NHAI will soon release the money given the governments stated stance of not getting into long tenure disputes and settle claims as per award of arbitration so that further investments can come into the road sector. The SJEPL project has also received refinancing sanction for reduction in interest rates, which will bring down its cost of fund by almost 3% resulting in annual savings of almost Rs 30 crore.On 3 November 2017, Bharat Road Network informed the stock exchanges that the company entered into an Securities Purchase Agreement with KMC Infratech Road Holdings Limited and KMC Constructions Limited (they together hold balance 51% equity shares in GIPL) for acquisition of the entire remaining 51% stake in GIPL, thus taking the total shareholding of the company in GIPL to 100%.In 2017-18, the Company has acquired further 24.99% stake in the equity shares of Guruvayoor Infrastructure Private Limited (GIPL) in addition to the 49% stake in the equity shares already held by the Company. Consequently GIPL became subsidiary of the Company w.e.f March 28, 2018 with 73.99% stake in equity shares.In 2018, the project of Guruvayoor Infrastructure : Four laning of the existing two lane portion of the Thrissur- Angamali section of NH-47 in the State of Kerala became operational. Similarly, Four laning of the Solapur-Maharashtra/ Karnataka border section of NH-9 was made operational. In 2022-23 the Four laning of the Indore-Ujjain portion from Ch. 5/2 to Ch. 53 on State Highway 27 in Madhya Pradesh; Four laning of the Ghaziabad-Aligarh section of NH-91 connecting km 23.60 to km 140.20 of NH-91 and subsequent six laning of the project highway; Four laning of the Rohtak-Bawal section of NH-71 from km 363.30 to km 450.80 in the state of Haryana and Six laning of the existing road on ChandikholeJagatpur-Bhubaneswar section of NH-5 in the state of Odisha became operatonal.