PNC Infratech bags 3 new hybrid annuity road projects worth Rs 4,384 crore

Infrastructure development and construction company PNC Infratech on Wednesday said it has emerged as the lowest bidder for three new national highway projects, to be built on hybrid annuity model (HAM), for an aggregate bid project cost of Rs 4,384 crore.
 
The company emerged as the lowest bidder for construction of six lane road of Package-I of Kanpur-Lucknow Expressway of 17.15 kilometre (km) length and Package-II of the same Expressway of length 45.24 km.
 
The company bid a project cost of Rs 1,413 crore for the former and Rs 1,513 crore for the latter. Both the projects have to be constructed in 30 months.
 
Besides, the company also emerged as the lowest bidder for four laning of Sonauli-Gorakhpur section of NH-29E in Uttar Pradesh for a length of 79.54 km. The project cost is Rs 1,458 crore and is to be completed in 24 months.
 
Price bids for all the projects were opened on Wednesday with PNC Infratech emerging as the lowest bidder. All three projects will be constructed under HAM mode and have to be operated for 15 years post completion of construction.
 
Shares of PNC Infratech were trading 10 per cent higher at Rs 269.60 on the BSE following the announcement by the company.

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