PNC Infratech receives LOA from NHAI for HAM project of Rs1,412cr; stock zooms 8%

The project is to be constructed in 24 months and operated for 15 years post-construction.

Jun 26, 2020 10:06 IST India Infoline News Service

PNC Infratech
Shares of PNC Infratech zoomed in the early morning trade on the BSE after receiving a letter of award (LOA) from NHAI.

“PNC Infratech Limited announces receipt Letter of Award (LOA) on June 24, 2020, for an NHAI Project of 53.95 km long Four-laning of Meerut - Nazibabad section of NH-119 (New NH-34) from design chainage Km 11+500 (Meerut) to 39.250 (Behsuma) and from km 79.500 (Bijnor) to 105.700 (Jalalabad), in the state of Uttar Pradesh under Bharatmala Pariyojana on Hybrid Annuity Mode (HAM) for Rs1,412cr,” the company said.

The price bids were opened on Wednesday, May 13, 2020, with PNC’s bid being the lowest (L1).

The project is to be constructed in 24 months and operated for 15 years post construction. This is the eleventh hybrid annuity highway project secured by the company so far, the company said in the press note.

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