Image Source: Free Press Journal
PNC Infratech Ltd has secured a path-breaking infrastructure order of ₹20.4 billion (₹2,039.61 crore) from the City & Industrial Development Corporation of Maharashtra (CIDCO), representing the company's big win in the fast-developing Navi Mumbai area. The project awarded under the Navi Mumbai Airport Influence Notified Area (NAINA) initiative highlights PNC Infratech's increasing leadership in mega urban infrastructure development.
Historic Order Won:
PNC Infratech was issued a Letter of Acceptance by CIDCO for integrated infrastructure development of 20-meter-wide and higher roads, including the construction of major and minor structures like flyovers, minor bridges, vehicular underpasses (VUPs), and pedestrian underpasses (PUPs) in TPS-8, TPS-9, and TPS-12 under the NAINA project.
Detailed Scope:
The agreement also includes allied electrical works, specifically street lighting, to promote connectivity and security throughout the zones earmarked. The work will be implemented on an Engineering, Procurement, and Construction (EPC) basis, mirroring PNC Infratech's capabilities in the execution of turnkey infrastructure solutions.
Strategic Urban Development
This project is a critical component of the NAINA plan, which is expected to convert Navi Mumbai into a global city center around the new international airport. The upgrades in infrastructure will help ensure greater ease of traffic movement, improved urban mobility, and greater economic activity within the area.
Implementation Timeline:
The project will be completed in 1,460 days (four years), with provision for monsoon seasons, making the delivery of key infrastructure upgradation on time.
Financial Impact and Market Response:
After the announcement, PNC Infratech shares rose, increasing by more than 3% to close at ₹455.70. The company's strong order book and steady project wins have rewarded investors with a 21% return in the past year, strengthening investor confidence.
Industry Leadership:
PNC Infratech is further strengthening its presence in India's infrastructure market, with a portfolio covering highways, bridges, airport runways, and power transmission projects. This new order further solidifies its track record of delivering complex, high-value projects in the country.
"We are delighted to announce this large order from CIDCO, which reinforces our leadership in the urban infrastructure space and aids the strategic growth of Navi Mumbai," the company said.
With this significant contract, PNC Infratech will be at the forefront of building the future of Navi Mumbai, promoting connectivity, and aiding the city's transformation into a world-class urban hub.
Source: India Infoline, CNBC TV18, Business Standard, Economic Times, Zerodha
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