Afcons Infrastructure achieved a historic milestone today, marking the first tunnel breakthrough in the City and Industrial Development Corporation's (CIDCO) history. The breakthrough occurred at the Hetawane Water Supply Scheme project at Shaft-4 in Wahal village, Navi Mumbai, under Package-1, representing a significant achievement in India's infrastructure development.

Project Progress and Technical Achievement

Afcons Infrastructure has completed 5.52 km of the 8.70 km treated water tunnel in CIDCO's Water Tunnel Package-1. The company has demonstrated remarkable progress in this challenging infrastructure project and has committed to completing the project six months ahead of schedule.

Despite geological and logistical challenges, the team has set national tunnelling records by adopting innovative practices. The company maintains the highest safety and quality standards throughout the project execution.

Executive Leadership Comments

Krishnamurthy Subramanian, Executive Chairman of Afcons, said, "I congratulate the project team, CIDCO and all those involved for achieving this milestone. Despite geological and logistical challenges, we have set national tunnelling records by adopting innovative practices. We will complete this project six months ahead of schedule while maintaining the highest safety and quality standards."

Vijay Singhal, Vice Chairman & Managing Director of CIDCO, said, "A few days ago, we created history with the first flight taking off from Navi Mumbai International Airport. Today, we have created another historic moment with this first water tunnel breakthrough. It is the first tunnel breakthrough in CIDCO's history and in this project as well."

Project Scope and Impact

The Hetawane Water Supply Scheme represents a comprehensive infrastructure development initiative designed to address Navi Mumbai's growing water demand. The complete project scope includes substantial infrastructure components.

CIDCO has undertaken this project to augment water supply to Navi Mumbai's developing areas and increase supply capacity from 120 million litres per day (MLD) to 270 MLD.

Company Profile

Afcons Infrastructure Limited serves as the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group, bringing over six decades of experience to complex infrastructure projects. According to the latest ENR survey, the company ranks among the Top 140 international contractors globally, holding the 12th position in Bridges and 14th position in Marine & Ports categories.

Afcons Infrastructure has received a substantial acquisition disclosure from Goswami Infratech Private Limited regarding the extension of share pledge arrangements. The disclosure, filed on December 24, 2025, pertains to regulatory compliance under SEBI's substantial acquisition regulations.

Share Pledge Extension Details

Goswami Infratech Private Limited has extended its existing pledge on Afcons Infrastructure shares to Axis Trustee Services Limited, now acting as the common security trustee. The pledge extension became effective on December 17, 2025, and covers the company's entire promoter shareholding in Afcons.

Debenture Security Structure

The pledge secures debentures issued by two entities under a common security arrangement. Goswami Infratech Private Limited issued debentures under a debenture trust deed dated June 26, 2023, while Capespan Investment Private Limited issued debentures under a separate trust deed dated December 15, 2025.

GIPL Debentures Outstanding

Capespan Debentures Outstanding

The Capespan debentures remain unlisted and unrated, with allotment dates of December 18, 2025, for Tranche 1 and December 24, 2025, for Tranche 2.

Security Coverage Analysis

The pledged shares provide varying levels of security coverage for the different debenture series. The security cover ratio demonstrates the relationship between the market value of pledged shares and the outstanding debt amounts.

Fund Utilization Purpose

The borrowed amounts serve specific corporate purposes across both debenture series:

GIPL Debentures proceeds were utilized for:

• Repayment of existing indebtedness of GIPL
• Making inter-corporate deposits or loans to promoter group members for refinancing
• Payment of costs and expenses related to debenture issuance

Capespan Debentures proceeds are designated for:

• Making inter-corporate deposits or loans to GIPL
• Enabling GIPL to repay existing refinance indebtedness
• Compliance with applicable laws including SEBI and RBI requirements

Ownership Structure Context

The disclosure reveals that SP Finance Private Limited and SC Finance and Investments Private Limited collectively own 100% share capital of Goswami Infratech Private Limited. Goswami Infratech, in turn, holds 9,20,72,053 shares in Afcons Infrastructure, representing its entire promoter stake of 25.03% in the infrastructure company.

This pledge extension consolidates the security arrangement under a common trustee structure, providing unified oversight for debenture holders across both debt instruments while maintaining regulatory compliance with SEBI's substantial acquisition disclosure requirements.