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Ircon International is a public sector construction company, with specialization in execution of Railway projects on turnkey basis and otherwise. After commencing business as a Railway construction company, it diversified progressively along with its subsidiaries and Joint Ventures to roads, buildings, electrical substation and distribution, airport construction, commercial complexes, as well as metro rail works. The Company caters to both domestic and international markets. The Company specializes in major infrastructure projects, including, railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, EHV sub-stations, electrical and mechanical works, commercial and residential properties, development of industrial areas, and other infrastructure activities. The Company provides EPC services on a fixed-sum turnkey basis as well as on an item-rate basis for various infrastructure projects. The Company also executes on build, operate and transfer mode in various projects in order to meet the requirements of its bids.The Company is headquartered in Saket, New Delhi and it has an overseas office in Malaysia. Additionally, it has 26 project offices in India and abroad (including in Sri Lanka, Bangladesh, South Africa and Algeria) and five regional offices to support and manage its business operations overseas. Since the company commenced operations in 1976, it has serviced a diverse range of infrastructure and construction projects, and while its primary focus and strength are still deeply rooted in the railway sector, the company has since diversified progressively into other transport and infrastructure segments, such as, highway and road construction, and expanded its geographical coverage to many countries around the world. In addition, although its largest shareholder is the Ministry of Railways, the company continues to carry on businesses as a legal entity separate from the Government of India, and remain an independent commercial enterprise which is legally, functionally, and financially autonomous from the Government of India, operating under the Companies Act of India and other applicable laws.Ircon has rich experience in executing major construction and infrastructure projects, both internationally and domestically. The scope of its services for such projects primarily includes design and engineering of the project, procurement of equipment and packages, project management, and commissioning. While the company executes majority of its projects independently, it also form project specific joint ventures and consortiums with other infrastructure and construction companies, in particular, when a project requires it or its partners to meet specific eligibility requirements in relation to certain large projects, including requirements of particular types of experience and financial resources. Its human resources and fleet of equipment, along with its engineering skills and capabilities, enable them to undertake a wide variety of construction projects that involve varying degrees of complexity.Ircon International Limited was incorporated as a private limited company with the name Indian Railway Construction Company Private Limited on April 28, 1976 in Delhi. The Company became a public limited company with effect from November 20, 1976 and the name of the company was changed to Indian Railway Construction Company Limited. In 1992, pursuant to disinvestments of 13,400 equity shares of Rs 10 each by Government of India, the companys shares were listed on the BSE Limited and the Delhi Stock Exchange Limited. The name of the company was changed to its present name Ircon International Limited on October 17, 1995.In 1998, Ircon International was granted the status of Mini Ratna - Category - 1 by the Ministry of Railways. In 2011, the company voluntarily delisted its shares from the BSE Limited. In 2012, the company voluntarily delisted its shares from the Delhi Stock Exchange.During the year 2014, five projects got completed in India. These are: (i) Pir Panjal tunnel and railway line from Banihal to Qazigund section connecting Kashmir with Jammu region and the rest of the Country was opened for passenger traffic on 26th June 2013. The first DEMU train from Banihal through the Pir Panjal Tunnel - the longest transportation tunnel in India - was flagged off by Dr. Manmohan Singh, the then Prime Minister of India, in the presence of dignitaries from the Govt. of India and Ircons officials. (ii) Electrification works for Mughalsarai-Sultanpur Utaratia section for Central Organisation for Railway Electrification (CORE) (iii) Commissioning of 220/33 KV sub-station at Cuncolim, Goa for Goa Electricity Department (iv) Construction of 11 kv distribution network (APDRP Kochi City Scheme) for Kerela State Electricity Board and (v) Development of State highways under RSVY project, BiharDuring 2013-14 the Company secured following new major projects in India, including additional works: (a) Supply, Installation, Testing, and Communication of Ballastless Track of Part 3 Standard Gauge Corridor from Badarpur to Faridabad (line 6) and Broad Gauge Corridor from Jahangirpuri to Badli (Line-2) in elevated sections along with Ballasted/Ballastless Track in Depots at Ajronda and Badli of Delhi MRTS Project of Phase-III - Contract CT-4 of Delhi Metro Rail Corporation Ltd (DMRC) at a total value of Rs 71.85 crores. (b) Construction of one Road Over Bridge (RoB) on State owned Road (other than NHs) in Bihar through its funds on 1st Km at Manpur by pass in Gaya District, Bihar of Road Construction Department, Govt. of Bihar, at a total value of Rs 85.73 crores. (c) DPR & Detailed Engineering Project Management and Construction of Coal Transportation System for Nabinagar Super Thermal Power Project (3X660 MW), of Nabinagar Power Generating Company Private Limited at a total value of Rs 90 crores. (d) Topographical & Geo Technical Survey, Preparation of Master Plan, Planning, Designing and Construction of Boundary Wall & Allied Preparatory Works for National Institute of Technology, Mizoram at Lengpui, Aizawl, Mizoram, at a total value of Rs 25 crores. e) Railway Electrification work for Banihal-Baramulla section (137.73 Kms) part of Udhampur-Srinagar- Baramulla Rail Link Project (USBRL), of Northern Railway at a revised value of Rs 303.45 crores. (f) RAPDRP - Part B Project under Jammu province (Cluster - I, Jammu left), (Cluster-II, Jammu Right), and (Cluster IV) (Akhnoor, Rajouri, Poonch, Udhampur, Doda, Kishtwar & Bhaderwah) of J&K Power Development Department. (g) Agartala-Akhaura New Rail Link (Indian Portion), of North Frontier Railway, at a total value of Rs 190.05 crores. (h) East Corridor between Kharsia to Dharamjaygarh in Chhattisgarh, for Chattisgarh East Railway Limited. (i) Additional works in Udhampur-Srinagar-Baramulla New Line Project (USBRL-II) work transferred from KRCL to IRCON at J&K.The Company completed following three projects in Sri Lanka during 2014-15: 1. Reconstruction of railway line from Pallai to Kankesanthurai in Northern Province of Sri anka, at a value of Rs. 815 crore. 2. Re-construction of Railway Line from Madhu Road to Talai Mannar in Northern Province of Sri Lanka, at a value of Rs. 793 crore. 3. Design, supply, installation, testing, and commissioning of signaling and telecommunication system for the entire railway network in Northern Province of Sri Lanka (from Anuradhapura to Kankesanthurai and from Medawachchiya to Talaimannar Pier), at a value of Rs. 550 crore.During the year 2014-15, following three projects were completed in India: 1. Construction of Multi-functional complexes (MFCs), assigned by Ircon Infrastructure & Services Limited (IrconISL), at a value of Rs. 94 crore. 2. Design, Engineering, manufacturing, supply to site, construction, installation and Commissioning of Railway siding for Kalisindh Power Project, Stage - I, Jhalawar for Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUN), at a value of Rs. 165 crore. 3. Consultancy work for evaluation of assets installed by DAMPEL on Airport Express Line of Delhi MRTS, for Delhi Metro Rail Corporation Limited (DMRC), at a value of Rs. 8.55 crore.During 2014-15, the Company secured following major projects in India: 1. Preparation and submission of Detailed Project Report, Land Acquisition and feasibility study of East- West Corridor between Gevra Road to Pendra Road in the State of Chhattisgarh, for Chhattisgarh East-West Railway Limited, at a value of Rs. 72 crore. 2. Widening and strengthening of existing Bikaner- Phalodi section to Four-lane from Km. 4,200 to Km. 55,250 and Two-Lane with paved shoulder from Km. 55,250 to Km. 163,500 of NH-15 on BOT (Toll) basis in the State of Rajasthan, for Ircon PB Tollway Limited, at a value of Rs. 646 crore. 3. Four-laning of Shivpuri to Guna from Km 236 to Km 332.1 (Package-I) in the State of Madhya Pradesh to be executed on BOT (Toll) on DBFOT pattern under NHDP Phase-IV), for Ircon Shivpuri Guna Tollway Limited, at a value of Rs. 721 crore. 4. Detailed Project Report & Detailed Engineering Project Management & Construction of Coal Transportation System including associated Electrical Package for Darlipali Super Thermal Power project, Stage-I (2x800 MW), for NTPC Limited, at a value of Rs. 26 crore. 5. The work of establishment of SCADA compatibility and improving quality of consumer supply in Meerut Town, Ghaziabad Town, Moradabad Town, and Saharanpur Town to be carried out under R-APDRP Part B scheme on turnkey basis including supply of material, for Paschimanchal Vidyut Vitran Nigam Limited (PVVNL), at a value of Rs. 539 crore. 6. The work of system improvement, strengthening and augmentation of distribution system to bring down AT&C losses and improve quality of consumer supply of Meerut town of Uttar Pradesh, to be carried out under R-APDRP Part-B scheme on turnkey basis including supply of material, for PVVNL, at a total value of Rs. 566 crore. 7. Contract KT-4: Design, Supply, Installation, Testing and Commissioning of Ballastless Track of Standard Gauge in elevated section of Aluva to Petta corridor of Kochi Metro Rail Limited, at a value of Rs. 162 crore. 8. Contract CT-1-A - Supply, Installation, Testing and Commissioning of Ballastless Track of Standard Gauge, Part-1 Corridor of sections of Mukundpur - Lajpat Nagar (excluding) Line-7 in elevated and underground sections along with ballasted / ballastless tracks in Mukundpur Depot for Delhi MRTS Project of Phase- III), for DMRC, at a value of Rs. 198 crore. 9. Carrying out Topographical and Geo-Technical Survey, Preparation of Master Plan for proposed campus, planning, designing and construction of boundary wall and allied preparatory works, for the National Institute of Technology, Aizwal, Mizoram, at a value of Rs. 61 crore.During FY 2014-15, in addition to two consultancy projects secured from Ministry of External Affairs viz. preparation of feasibility report and Detailed Project Report for Road and Bridge Projects in Myanmar, IrconISL executed the work for construction of toilets blocks (4786 toilets) under Swachh Bharat Abhiyan for PSUs like Ircon International Limited, Power Grid Corporation of India Limited, Power Finance Corporation Limited, Indian Renewable Energy Development Agency Limited, and South Eastern Coalfields Limited. The work was completed after the close of the year. Out of 23 MFCs undertaken by IrconISL, 19 MFCs have been sub-leased to operators.During the year 2014-15, the Company had formed another wholly-owned subsidiary by the name Ircon PB Tollway Limited (IrconPBTL) incorporated as a Special Purpose Vehicle on 30th September 2014, pursuant to conditions of award of project viz. widening and strengthening of Bikaner-Phalodi section in the State of Rajasthan, by National Highways Authority of India (NHAI). IrconPBTL has obtained approval for commencement of business from the Registrar of Companies on 14th November 2014. The Company formed another wholly owned subsidiary company by the name Ircon Shivpuri Guna Tollway Limited (IrconSGTL) on 12th May 2015, pursuant to conditions of award of Shivpuri- Guna Project in the State of Madhya Pradesh by NHAI. IrconSGTL has obtained approval for commencement of business from the Registrar of Companies on 27th May 2015. The main object of IrconSGTL is to carry on the business of four laning of Shivpuri-Guna section of NH-3 from 236 km to 332.1 km on Build, Operate, and Transfer (BOT) (Toll) basis on Design, Build, Finance, Operate and Transfer DBFOT pattern under NHDP Phase-IV in the State of Madhya Pradesh in accordance with the terms of the Concession Agreement, signed with NHAI, and other ancillary works relating thereto. IrconSGTL has signed the Concession Agreement with NHAI on 15th June 2015. IrconSGTL is yet to submit relevant documents to NHAI to achieve financial close. Execution of the project would be taken up after achieving financial close and intimation of appointed date by NHAI.The Company had entered into a tripartite pledge agreement with ISTPL and PNB to pledge 30% of its shareholding in ISTPL, in favour of Punjab National Bank (PNB); a non-disposal undertaking with respect to 21% of its shareholding; and to make good 50% of any shortfall in dues, if any, to PNB in the event of the termination of the Concession Agreement. The said pledge agreement and non-disposal undertaking had been, executed as 50% equity partner in ISTPL, in connection with a loan of Rs. 521.53 crore availed by ISTPL.A joint venture company (JVC) called Chhattisgarh East Railway Limited (CERL) has signed concession agreement for Phase I (comprising 104 km) of the East Corridor Coal connectivity project on 12th June 2015 with Ministry of Railways. Phase I of the project is being implemented on Build, Own, Operate, and Transfer (BOOT) model for PPP projects. Physical work has started after acquisition of 64 km of land, for which about Rs. 100 crore had been invested.The Company issued bonus shares in the ratio of 4:1, i.e. four bonus (equity) shares for every one equity share held by the existing shareholders out of free reserves, after getting approval of the shareholders in the AGM held on 28th September 2016. Consequently, the paid-up share capital of the Company stands increased from Rs. 19.796 crore to Rs. 98.98 crore with effect from 5th January 2017.In March 2017, two projects at a total value of Rs. 178 crore got completed in India for Delhi Metro Rail Corporation Limited (DMRC). Contract KT-4: Design, Supply, Installation, Testing and Commissioning of Ballastless Track of Standard Gauge in elevated section of Aluva to Petta corridor, and Contract KT-5R1: Supply, installation, testing, and commissioning of standard gauge track work in Muttom Depot of Kochi Metro Rail Limited.During FY 2016-17, the Company secured following projects in India: 1. Construction of Corridor-III of East-West Corridor between Gevra Road to Pendra Road approximately 135 km, feasibility study of East-West Corridor between Gevra Road to Pendra Road in the State of Chhattisgarh, for Chhattisgarh East-West Railway Limited (CEWRL), at an estimated project cost of Rs. 2840 crore as per approved Detailed Project Report (DPR).2. a) Doubling projects for East Central Railway at (a) RDUM-TAL-RJO (Rampur Dumra Tal Rajendrapul) project at an estimated project cost of Rs. 1491 crore, out of which Rs. 1369 crore has been considered for the years order book; (b) Kiul-Gaya project at an estimated project cost of Rs. 1200 crore, out of which Rs. 455 crore has been considered for the years order book; (c) Hajipur-Bachwara project at an estimated project cost of Rs. 679 crore, out of which Rs. 289 crore has been considered for the years order book;b) Doubling projects for West Central Railway at Katni-Singrauli project at an estimated project cost of Rs. 1763 crore with a contribution of Rs. 348 crore for the years order book;3. Survey, Feasibility study, Detailed Design and Construction of various identified Rail Coal Connectivity Project(s), for Jharkhand Central Railway Limited (JCRL), at an estimated project cost Rs. 1365 crore as per approved DPR.4. Survey, Feasibility study, Detailed Design and Construction of various identified Rail Coal Connectivity Project(s), for Mahanadi Coal Railway Limited (MCRL), at an estimated project cost of Rs. 1075 crore.5. Construction of New Block Station, Staff Quarters and associated P-Way, OHE and S&T works in connection with construction of Railway siding for the proposed 3.0 MTPA Integrated Steel Plant at Nagarnar, Chhattisgarh (Package No.- IV), for NMDC Limited, at a value of Rs. 79 crore.6. Execution of rail connectivity projects identified by Bastar Railway Private Limited (BRPL), at an estimated project cost of Rs. 1406 crore.7. Akhaura Agartala Rail Link project, for North Frontier Railway, at an estimated project cost of Rs. 574 crore as per approved DPR, out of which Rs. 211 crore has been considered for the years order book.8. Civil, Building & Track Works of Western Dedicated Freight Corridor Contract package CTP-11 JNPT Vaitarana Section (IRCON share 60%), for Dedicated Freight Corridor Corporation of India Limited (DFCCIL), at a value of Rs. 1716 crore.9. Additional work of Design, Drawing and Construction of External Development works & External Services at National Institute of Technology (NIT), Mizoram, at a value of Rs. 330 crore.10. Six-Laning of Davanagere-Haveri (from Km. 260+000 to Km. 338+923) of NH-48 in the State of Karnataka to be executed (through incorporation of a subsidiary) on Hybrid Annuity Project on DBOT Annuity under NHDP Phase V EPC Cost, for NHAI, at a value of Rs. 1095 crore.11. Additional works for Construction of Road Over Bridges (RoBs) in the State of Bihar (New RoBs-12) for East Central Railway, at a value of Rs. 133 crore.The Inter Ministerial Group (IMG), Department of Investment and Public Asset Management (DIPAM) at its meeting held on 7 June 2017 on the basis of examination of financial accounts of Ircon for the financial year 2016-17 and on financial criteria specified in Guidelines on capital Re-structuring of CPSEs issued by DIPAM on 25 May 2016, suggested Ircon to consider buy-back of shares to the tune of 5% of aggregate paid-up equity and free reserves of the Company as on 31 March 2017. Accordingly, with the approval of the Board of Directors a proposal for buy-back by the Company of its fully paid-up equity shares of Rs.10/- each not exceeding 49,41,818 fully paid-up Equity Shares was sent to the existing shareholders at a price of Rs.386.72/- per Equity Share payable in cash on a proportionate basis upto 5% of the net worth (comprising paid-up share capital plus free reserves) i.e. Rs.3,822.27 crore as per the audited financial results of the Company for the year ended on 31 March 2017.The Company commissioned two projects in Bangladesh during the financial year 2017-18. 1. The project for construction of 2 Bhairab Railway Bridge with Approach Rail Lines (Lot-A) -- being undertaken through unincorporated JV between the Company and AFCONS viz. IRCON-AFCONS JV for Bangladesh Railway, at a revised value of Rs.265 crore (Ircons share), has been completed in March 2017. The trial run of engine was carried out on 10 April 2017. 2. Design, Supply, Installation, Testing, and Commissioning of Computer based Interlocking Colour Light Signalling System on turnkey basis at 11 stations between Ishurdi-Darsana section of Bangladesh for Bangladesh Railway, at a value of Rs.60 crore has been completed in September 2017.During the financial year 2017-2018, following three projects got completed: 1. One RoB on State owned Road (other than NHs) in Bihar through its funds on 1 Km at Manpur by-pass in Gaya District, Bihar for Road Construction Department, Government of Bihar at a value of Rs.60 Crore. 2. Carrying out topographical and Geotechnical survey; Preparation of Master Plan, Planning, Designing and Construction of Boundary Wall and allied Preparatory works, for the National Institute of Technology, Mizoram at a value of Rs.140 crore.3. Construction of New Indoor Sports Complex at Gholsapur (Behala) on Sealdah Division, for Eastern Railway at a value of Rs.58 crore.The Company entered into a Memorandum of Understanding on 26 March 2018 with the Rail Land Development Authority (RLDA) for transfer of leasehold rights to Ircon for commercial development on the land parcel admeasuring 4.3 hectare at Bandra East, Mumbai, Maharashtra, against the payment of Upfront Lease Premium. In consideration of its roles and responsibilities, Ircon shall be entitled to receive from RLDA, an amount equivalent to a total of 3% of the Upfront Lease Premium. In order to pay upfront lease premium equivalent to guidance price as approved by RLDA, GST, Stamp Duty and Registration Charges a tripartite a loan agreement has been signed amongst Ircon, RLDA and Indian Railway Finance Corporation Limited (IRFC) on 28 March 2018. RLDA has agreed to pay to Ircon such amounts as may be required by Ircon to meet their debt servicing obligations as and when due under this Agreement. Further the Ministry of Railways also has agreed to provide corresponding amounts to RLDA.The Government of India (GoI) carried out disinvestments of 99.05 lakh equity shares of Ircon International by way of an initial public offer (IPO) during the period from 17 September 2018 to 19 September 2018. The IPO was priced at Rs 475 per share. After the divestment of stake, GoIs holding in Ircon International came down to 89.18%.On 24 October 2018, Ircon International Limited announced that the company has made an investment of Rs 50 crore (i.e in 5 crore equity shares of Rs.10/- each) in Ircon Davanagere Haveri Limited (IrconDHHL) by way of right issue. As on date, the total investment made by the company in IrconDHHL is Rs 104.05 crore. IrconDHHL is a wholly owned subsidiary (WOS) of Ircon International. Earlier, the Board of Directors of Ircon International at its meeting held on 8 November 2017 approved an equity investment of upto Rs 217.05 crore in Ircon DHHL.During FY 2018-19, the Company completed following three projects in India:1. Widening and Strengthening of existing Bikaner-Phalodi section to Four-lane from Km. 4.200 to Km. 55.250 and Two-Lane with paved shoulder from Km. 55.250 to Km. 163.500 of NH-15 on BOT (Toll) basis in the State of Rajasthan, for Ircon PB Tollway Limited (IrconPBTL) at a value of Rs.681 crore. Further, the target as envisaged in MOU for the year 2018-19 for excellent rating for commencement of Toll Operation for 75% length in respect of Bikaner-Phalodi Highway Project has been completed. 2. Four-laning of Shivpuri to Guna from Km 236 to Km 332.100 (Package-I) in the State of Madhya Pradesh to be executed on BOT (Toll) on DBFOT pattern under NHDP Phase-IV), for Ircon Shivpuri Guna Tollway Limited (IrconSGTL) at a value of Rs.670 crore.3. The work of system improvement, strengthening and augmentation of distribution system to bring down AT&C losses and improve quality of consumer supply of Meerut town of Uttar Pradesh, to be carried out under RAPDRP Part-B scheme on turnkey basis including supply of material, for PVVNL at a value of Rs.329 crore.During 2018-19, the Company took the following projects in India for a total value Rs.7635 crore in its order book: 1. Construction of New BG Electrified Rail Line between Dharamjaigarh to Korba (Urga) of Chhattisgarh East Railway Limited (CERL-II) at total value of Rs.1138 crore;2. Construction of Corridor-III of East West Corridor between Gevra Road to Pendra Road in the State of Chhattisgarh for Chhattisgarh East-West Railway Limited (CEWRL) at value of Rs.260 crore;3. Survey, feasibility study, detailed design and construction of various identified rail coal connectivity projects, for Jharkhand Central Railway Limited (JCRL), at value of Rs.1139 crore as per approved DPR. 4. Survey, feasibility study, detailed design and construction of various identified rail coal connectivity projects, for Mahanadi Coal Railway Limited (MCRL), at value of Rs.1079 crore.5. Execution of rail connectivity projects identified by Bastar Railway Private Limited (BRPL), at value of Rs.1513 crore. 6. Construction of Eight Lane Vadodara Kim Expressway from Km 323 to Km 355 (Sanpa to Padra Section of Vadodara Mumbai Expressway) in the State of Gujarat under NHDP Phase-VI on Hybrid Annuity Mode (Phase IA-Package II), for Ircon Vadodara Kim Expressway Limited (IrconVKEL) at value of Rs.1378 crore. 7. Additional work under the Construction of Sivok-Rangpo New BG Rail Link Project, for North-East Frontier Railway at a value of Rs.1128 crore.