PNC Infratech secures road projects worth Rs 4,630 crore from MSRDC

The shares of PNC Infratech were trading higher by nearly 5% as the company announced that it received Letters of Acceptance (LoA) from the Maharashtra State Road Development Corporation (MSRDC) for two road projects with a total value of Rs 4,630 crore. Following the announcement, shares of the company were traded 5% higher at Rs 467.25.

The company reported that both projects will be undertaken in engineering, procurement, and construction (EPC) mode.

The company received a LoA from MSRDC for the construction of AN access controlled Pune Ring Road which is part of the Pune District Package PRR E2. The length of the project is 13.8 kilometers and is expected to be completed within 30 months. PNC Infratech had quoted a price of Rs 2,486 crore however, the bid was accepted at the negotiated contract price of Rs 2,268 crore.

PNC Infratech also received a LoA for the construction of an access-controlled expressway connector to the Hindu Hrudaysamrat Balasahed Thackeray Maharashtra Samruddhi Mahamarg.

The construction will take place from Jalna to Nanded in the State of Maharashtra and will be 28.89 km long. The project is expected to be executed within 30 months. The company emerged as the lowest bidder for the project with a quoted price of Rs 2,508 crore. MSRDC accepted the bid at a negotiated contract price of Rs 2,362 crore.

Earlier, the company announced that it had received an LoA from the City & Industrial Development Corporation of Maharashtra (CIDCO) for the integrated infrastructure development of 20-meter & above-wide roads.

The project also includes the construction of major & minor structures along with allied electrical works. The project is under the NAINA project and is worth Rs 2,039 crore. PNC Infratech will undertake the project in an EPC mode and expects to complete it within 1,460 days.