PNC Infratech has been named the lowest (L1) bidder for two NHAI hybrid annuity mode highway projects in Uttar Pradesh with a combined project cost of ₹348.30 billion, excluding GST, each with a 24-month execution timeline.
PNC Infratech Ltd has emerged as the lowest bidder (L1) for two National Highway projects under the hybrid annuity mode (HAM), according to a regulatory filing on April 21 following the opening of financial bids. The combined bid project cost for both stretches, excluding GST, stands at ₹348.30 billion. The projects are located on the NH-927 section in Uttar Pradesh and fall under the NH (O) scheme.
The first project a 4-lane highway from Barabanki to Mustafabad carries a quoted cost of ₹17.28 billion, while the second from Mustafabad to Biswariya is ₹17.55 billion. Each has an execution timeline of 24 months.
This development matters because HAM projects share financial risk between NHAI and developers, with the government covering a portion of construction cost, making them attractive to infrastructure firms amid tight liquidity. Uttar Pradesh continues to be a focus state for highway development, and these awards would expand PNC’s order book in the region. The company confirmed no related-party transactions or promoter interest in the authority. Industries impacted include road infrastructure, construction materials, and engineering services.
Stakeholders include NHAI, state government transport agencies, and subcontractors in the Barabanki-Biswariya corridor.
For investors, L1 status typically leads to formal award within weeks, adding revenue visibility. PNC’s success reflects sustained competitive positioning in NHAI’s bidding process, though final profitability will depend on execution within the two-year window and control of input costs.
PNC Infratech is an Indian infrastructure construction and engineering company headquartered in Agra, specializing in highways, bridges, and airport projects.
NHAI is the apex authority for the development and maintenance of national highways in India.
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