PNC Infratech Limited has incorporated a wholly owned subsidiary, Mustafabad Biswariya Highway Private Limited, to implement a highway project awarded by the National Highways Authority of India (NHAI). The new entity, incorporated as a Special Purpose Vehicle (SPV) on June 16, 2026, will execute the construction of a 4-lane highway in Uttar Pradesh on HAM Mode. The project spans from Mustafabad to Biswariya on the section of NH-927 under the NH(O) Scheme (Package-II).

The SPV received its Certificate of Incorporation on June 17, 2026. Mustafabad Biswariya Highway Private Limited is classified under the infrastructure sector and is yet to commence business operations. The entity was incorporated in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

PNC Infratech Limited, along with its wholly owned subsidiary PNC Infra Holdings Limited, holds 100% shareholding in the new SPV. The subscription was made through cash consideration at a face value of ₹10 per share. The initial subscription aggregates to ₹10,00,000, comprising 1,00,000 equity shares.

Key Details of Mustafabad Biswariya Highway Private Limited

Project Scope

The SPV has been established specifically for the "Construction of 4 Lane highway from Mustafabad Design Chainage Km 43+030 to Biswariya Design Chainage Km 101+515 (Existing Chainage Km 43.700 to chainage Km 98.475) on the section of NH-927 in Uttar Pradesh on HAM Mode under NH(O) Scheme (Package-II)." No further governmental or regulatory approvals are required for this acquisition, and the transaction is not a related party transaction.

PNC Infratech has announced that its subsidiary, Kanpur Lucknow Expressway Private Limited, received the Provisional Completion Certificate (PCOD) for the Kanpur Lucknow Expressway project. The Independent Engineer issued the certificate via email on June 11, 2026, declaring the project fit for commercial operations effective April 27, 2026. This milestone marks the transition from the construction phase to the operational phase for the Hybrid Annuity Mode (HAM) project.

Key Project Details

The project involves the construction of a six-lane expressway upgradable to eight lanes, including a spur from km 10.980 to km 28.500 in Uttar Pradesh. Executed under the Bharatmala Pariyojana (Package-1), the concession agreement is with the National Highways Authority of India (NHAI).

The completion period was set at 910 days from the appointed date. The bid project cost is ₹1413.0 Crores, plus a Price Index Multiple amount as per the Concession Agreement. The filing was made in compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.