Safety & Quality Remain Central to Project Delivery: PNC Infratech Ltd.

PNC Infratech Ltd (Company) said in an exchange filing that the safety and quality of the projects that the Company builds, operates and maintains has always been central to its business. 

It added that the Company takes any concern relating to them with the utmost seriousness. “The Company has, over the years, built and operated highway and infrastructure assets across the country, and delivering them to the required standards has been integral to its record,” it said in an exchange filing. 

“It is clarified that the Company has not been ‘debarred’ or declared ‘non-performer’ by the National Highways Authority of India,” PNC Infratech said. 

The Company made the exchange filing in connection with certain media reports and communication issued by the NHAI concerning the Kanpur-Lucknow Expressway Project. 

A subsidiary of PNC Infratech Limited namely Awadh Expressway Private Limited, which is the Concessionaire was granted final completion certificate for the construction of 6 lane upgradable to 8 lanes of Kanpur Lucknow Expressway Project - Package 2 in Uttar Pradesh on Hybrid Annuity Mode basis. 

PNC Infratech attributed the condition of the affected stretches to the recent spell of heavy and incessant rainfall and mentioned owing to the rains, certain isolated/localized stretches of the Project were affected. 

“As part of the routine maintenance obligations, the Concessionaire took immediate actions /measures and repaired/rectified the majority of affected stretches and maintenance works on the remaining few stretches are already underway in full swing,” it added. 

As per the exchange filing, the Concessionaire has budgeted the cost of ongoing repairs and rectification of affected stretches as part of its routine and maintenance obligations over the 15-year post-construction period. 

It was also mentioned that “there is no material impact on the Company's ability to continue as a going concern or on execution of its other projects. The Company can continue to participate in bidding for new projects.”