PNC Infratech bags ₹495.5 crore LoA for bridge, road project in Bihar

PNC Infratech Ltd on Friday said it has received a letter of acceptance (LoA) worth ₹495.5 crore from the Bihar State Road Development Corporation (BSRDC).

The project involves the construction of a high-level bridge and approach road on the Hathouri-Atrar-Bavangama-Aurai Road, covering a total length of 21.3 km. Awarded under EPC mode, the contract is to be completed within 1,095 days, or three years.

The company confirmed that neither its promoters nor group entities have any interest in the awarding authority. The LoA follows PNC’s earlier announcement on September 5, when the project was first disclosed as part of its bid pipeline.

Ahead of the announcement, shares of PNC Infratech closed at ₹306 on the NSE, down 1.43%.

Separately, PNC Infratech has also received approval from the Competition Commission of India (CCI) for its proposed acquisition of debt-laden Jaiprakash Associates Ltd (JAL). Under the plan, PNC will acquire at least 95% and up to 100% of JAL, either directly or through a special purpose vehicle.

JAL, currently under insolvency proceedings, has operations in cement and power. The acquisition marks a diversification move for PNC beyond roads and highways into allied sectors that could complement its EPC expertise.