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PNC Infratech Ltd receives Rs150 crore equity

Agra-based EPC and infrastructure development company PNC Infratech Ltd (PNC) has announced that it has received Rs150 crore as an equity investment from NYLIM Jacob Ballas India Fund III, LLC (“NYLIM-JB Fund”), a Mauritius based Private Equity investor. PNC specializes in construction of highways, bridges, flyovers and airport runways, having built more than 1,000 km of highways and executed 17 airport runway projects till date. The company is one of the leaders in the construction of airport runways and enjoys “SS” Class certification with Military Engineering Service (MES).
Commenting on the deal Pradeep Kumar Jain, Chairman and Managing Director of PNC said “We are pleased to partner with a reputed private equity investor, NYLIM Jacob Ballas India Fund. The infusion of funds will help the company strengthen its balance sheet further, enabling it to bid for larger projects. PNC will use the funds to meet its capital expenditure and working capital requirements as also to part finance the equity contribution for its BOT projects to be developed in separate SPVs.”
Daiwa Capital Markets India Pvt Ltd, Mumbai, acted as advisor to PNC on this transaction. Daiwa India is a subsidiary of Daiwa Capital Markets, Japan, one of the largest Japanese investment banks with global presence in 23 cities of major financial markets in the world.
Chakresh Jain and Yogesh Jain, Managing Directors of PNC, joined in welcoming NYLIM-JB Fund as an investor in the Company. Mr. Yogesh Jain added that the fast growth of the Indian economy in recent years has placed increasing stress on physical infrastructure such as electricity, roads, ports, airports, railways etc, all of which is already suffering from a substantial deficit in terms of capacities as well as efficiencies in their delivery. Considering this immense growth potential in the infrastructure segment, we are very bullish about the opportunities in EPC and BOT space.
Sunil Chawla, Partner, Jacob Ballas Capital India Pvt Ltd (“JBC”), investment advisor to NYLIM-JB Fund, said “PNC has made rapid strides over the last few years to emerge as a quality highway construction and EPC company. Given the company’s track record and execution capabilities, we are confident that PNC will be able to get its fair share of the large highway construction opportunity in the country. The diversification into other areas of infrastructure will also start showing results in the next couple of years. NYLIM-JB Fund is extremely happy to partner with PNC and looks forward to being a part of the company’s continued success.”
Mr Chawla has joined the Board of Directors of PNC.

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