PNC Infratech Wins ₹2,090 Crore CIDCO Project

10 Oct 2024 , 12:57 PM

PNC Infratech Ltd was declared the lowest (L1) bidder by the City & Industrial Development Corporation of Maharashtra Ltd (CIDCO) for an EPC project.

The project, awarded on October 9, 2024, involves the integrated development of 20-metre wide roads and above, including flyovers, minor bridges, and street lighting under the NAINA project.

The company quoted a price of ₹2,090.59 Crore for the project, which is expected to be completed within 1,460 days, accounting for monsoon delays.

The scope includes construction of various major and minor structures like flyovers, minor bridges, vehicular underpasses (VUPS), pedestrian underpasses (PUPS), and allied electrical works.

At the time of writing on October 10, 2024, at 12:55 pm, PNC Infratech Ltd stock is trading at ₹443.45, reflecting a 3.45% gain from the previous closing price. Over the past year, PNC Infratech Ltd stock has risen by an impressive 19.02%, and it has gained 26.77% since the beginning of the current year.

In May 2024, PNC Infratech’s subsidiary, PNC Kanpur Highways Ltd, received ₹390.62 Crore from the National Highways Authority of India (NHAI) as part of a settlement under the Vivad Se Vishwas II scheme.

The total settlement amount was ₹398.60 Crore, with tax deductions applied, finalizing the net receipt at ₹390.62 Crore. The settlement was reached under Section 73(2) of the Arbitration and Conciliation Act of 1996, marking a resolution of contractual disputes between NHAI and PNC Kanpur Highways Ltd.