PNC Infratech Limited updates on project awarded by CIDCO

The company had earlier announced that an infrastructure project namely "Integrated Infrastructure Development of 20M & above wide Roads, Construction of Various Major & Minor Structures (Viz Flyover, Minor Bridges, VUPS, PUPS etc.) and Allied Electrical Works (Street Light) in TPS - 8, 9 and TPS-12 under NAINA Project (Project)" was awarded to PNC Infratech Limited (Company) - Aakshya lnfra Projects Private Limited JV by City & Industrial Development Corporation of Maharashtra Ltd. (CIDCO) vide Letter of Acceptance (LOA) dated 10.10.2024,for a contract amount of INR 2039.61 crore. Subsequently a Work Order was issued to PNCAkshya JV by CIDCO on 15.10.2024 to this effect.

One of the bidders, whose bid was rejected by CIDCO during the tender evaluation process challenged the evaluation and consequent rejection of his bid through a writ petition filed in Hon'ble High Court of Judicature at Bombay in October 2024. The hon'ble Court vide its order dated 6.5.2025 quashed & set aside the Work Order dated 1 5. 10.2024 issued by CIDCO awarding the Project to PNC-Akshya JV.

Aggrieved by the above order dated 6.5.2025 of the Hon'ble High Court of Judicature at Bombay, the Company filed a Special Leave Petition before the hon'ble Supreme Court of India on 7.5.2025 seeking to pass an ad-interim order staying the effect and operation of the impugned order dated 6.5.2025 passed by Hon'ble High Court of Judicature at Bombay.

Shares of PNC Infratech Limited was last trading in BSE at Rs. 250.15 as compared to the previous close of Rs. 254.65. The total number of shares traded during the day was 44898 in over 1814 trades.

The stock hit an intraday high of Rs. 256.30 and intraday low of 249.40. The net turnover during the day was Rs. 11302286.00.

Source : Equity Bulls

Keywords

PNCInfratech INE195J01029 ProjectUpdate CIDCO