PNC Raebareli Highways Pvt Ltd has commissioned the two-laning project of Raebareli-Jaunpur section of NH-231 more than 3 months ahead of the scheduled time.
The PNC Infratech's wholly-owned subsidiary was awarded the project under NHDP IV on build, operate and transfer (BOT) (Annuity) basis.
The total project cost was Rs 837.40 crore and the concession period is 17 years from the appointed date including construction period of two years, PNC Infratech said in a BSE filing.
The project was scheduled for completion on June 2, 2016 but was successfully commissioned on February 27.
The company received the completion certificate to this effect on March 22.
On achieving the Commercial Operations Date (COD), PNC becomes entitled to receive semi-annual annuity of Rs 64.3 crore each during the remaining 15 years of the concession period, including proportionate amount of bonus annuity for early completion in terms of the concession agreement, it said.
With commissioning of this project, PNC's entire portfolio of 7 BOT and OMT projects is now operational.
PNC Infratech is an infrastructure construction, development and management company, with expertise in execution of major infrastructure projects, including highways, bridges, flyovers, airport runways and power transmission lines.
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