Ircon International Ltd

Ircon International Limited (IRCON), an integrated engineering and construction company having expertise in major infrastructure sectors including railways, highways, bridges, flyovers, tunnels, metro, railway electrification, aircraft maintenance hangars, EHV substations, runways, EHV substations, electrical and mechanical works, commercial and residential buildings, railway production units, development of industrial areas, amongst others. It offers Engineering, Procurement and Construction (EPC) services on a lumpsum turnkey, EPC and itemrate basis for various infrastructure projects. IRCON, a prominent public sector construction company in the country, has established itself as a leader in Transportation Infrastructure, particularly in the execution of Railway Projects. So far, the Company completed over 128 projects in 25 countries across the globe, and more than 400 projects in India. In the domestic market, it specializes in working in difficult terrains and disturbed regions. Furthermore, it is an active participant in prestigious nationbuilding projects.Ircon International is a public sector construction company, with specialization in execution of Railway projects on turnkey basis and otherwise. After commencing business as a Railway construction company, it diversified along with its subsidiaries and Joint Ventures to roads, buildings, electrical substation and distribution, airport construction, commercial complexes, as well as metro rail works. The Company is headquartered in Saket, New Delhi and it has an overseas office in Malaysia. So far, Company has completed over 128 projects in 25 countries across the globe, and 398 projects in India. In the domestic market, it specializes in working in difficult terrains and disturbed regions. Furthermore, it is an active participant in prestigious nationbuilding projects.Since the company commenced operations in 1976, it has serviced a diverse range of infrastructure and construction projects, and while its primary focus and strength are still deeply rooted in the railway sector, the company has since diversified progressively into other transport and infrastructure segments, such as, highway and road construction, and expanded its geographical coverage to many countries around the world. In addition, although its largest shareholder is the Ministry of Railways, the company continues to carry on businesses as a legal entity separate from the Government of India, and remain an independent commercial enterprise which is legally, functionally, and financially autonomous from the Government of India, operating under the Companies Act of India and other applicable laws.Ircon has experience in executing major construction and infrastructure projects, both internationally and domestically. The scope of its services for such projects primarily includes design and engineering of the project, procurement of equipment and packages, project management, and commissioning. While the company executes majority of its projects independently, it also form project specific joint ventures and consortiums with other infrastructure and construction companies, in particular, when a project requires it or its partners to meet specific eligibility requirements in relation to certain large projects, including requirements of particular types of experience and financial resources. Its human resources and fleet of equipment, along with its engineering skills and capabilities, enable them to undertake a wide variety of construction projects that involve varying degrees of complexity.Ircon International Limited was incorporated as a Private Limited Company with the name Indian Railway Construction Company Private Limited on April 28, 1976 in Delhi. The Company became a Public Limited Company with effect from November 20, 1976 and name of the Company was changed to Indian Railway Construction Company Limited. In 1976, IRCON commenced its business as a railway construction company. Since 1985, the Company progressively diversified into the entire gamut of construction activities and infrastructure services.In 1992, pursuant to disinvestment of 13,400 equity shares of Rs 10 each by Government of India, the Companys shares got listed on the BSE Limited and the Delhi Stock Exchange Limited and name of the Company was changed to Ircon International Limited on October 17, 1995.In 1998, Ircon International was granted the status of Mini Ratna Category 1 by the Ministry of Railways. In 2011, the company voluntarily delisted its shares from the BSE Limited. In 2012, the company voluntarily delisted its shares from the Delhi Stock Exchange.During the year 2014, five projects got completed in India. These are: (i) Pir Panjal tunnel and railway line from Banihal to Qazigund section connecting Kashmir with Jammu region and the rest of the Country was opened for passenger traffic on 26th June 2013. The first DEMU train from Banihal through the Pir Panjal Tunnel the longest transportation tunnel in India was flagged off by Dr. Manmohan Singh, the then Prime Minister of India, in the presence of dignitaries from the Govt. of India and Ircons officials. (ii) Electrification works for MughalsaraiSultanpur Utaratia section for Central Organisation for Railway Electrification (CORE) (iii) Commissioning of 220/33 KV substation at Cuncolim, Goa for Goa Electricity Department (iv) Construction of 11 kv distribution network (APDRP Kochi City Scheme) for Kerela State Electricity Board and (v) Development of State highways under RSVY project, BiharDuring 201314 the Company secured following new major projects in India, including additional works: (a) Supply, Installation, Testing, and Communication of Ballastless Track of Part 3 Standard Gauge Corridor from Badarpur to Faridabad (line 6) and Broad Gauge Corridor from Jahangirpuri to Badli (Line2) in elevated sections along with Ballasted/Ballastless Track in Depots at Ajronda and Badli of Delhi MRTS Project of PhaseIII Contract CT4 of Delhi Metro Rail Corporation Ltd (DMRC) at a total value of Rs 71.85 crores. (b) Construction of one Road Over Bridge (RoB) on State owned Road (other than NHs) in Bihar through its funds on 1st Km at Manpur by pass in Gaya District, Bihar of Road Construction Department, Govt. of Bihar, at a total value of Rs 85.73 crores. (c) DPR Detailed Engineering Project Management and Construction of Coal Transportation System for Nabinagar Super Thermal Power Project (3X660 MW), of Nabinagar Power Generating Company Private Limited at a total value of Rs 90 crores. (d) Topographical Geo Technical Survey, Preparation of Master Plan, Planning, Designing and Construction of Boundary Wall Allied Preparatory Works for National Institute of Technology, Mizoram at Lengpui, Aizawl, Mizoram, at a total value of Rs 25 crores. e) Railway Electrification work for BanihalBaramulla section (137.73 Kms) part of UdhampurSrinagar Baramulla Rail Link Project (USBRL), of Northern Railway at a revised value of Rs 303.45 crores. (f) RAPDRP Part B Project under Jammu province (Cluster I, Jammu left), (ClusterII, Jammu Right), and (Cluster IV) (Akhnoor, Rajouri, Poonch, Udhampur, Doda, Kishtwar Bhaderwah) of JK Power Development Department. (g) AgartalaAkhaura New Rail Link (Indian Portion), of North Frontier Railway, at a total value of Rs 190.05 crores. (h) East Corridor between Kharsia to Dharamjaygarh in Chhattisgarh, for Chattisgarh East Railway Limited. (i) Additional works in UdhampurSrinagarBaramulla New Line Project (USBRLII) work transferred from KRCL to IRCON at JK.The Company completed following three projects in Sri Lanka during 201415: 1. Reconstruction of railway line from Pallai to Kankesanthurai in Northern Province of Sri anka, at a value of Rs. 815 crore. 2. Reconstruction of Railway Line from Madhu Road to Talai Mannar in Northern Province of Sri Lanka, at a value of Rs. 793 crore. 3. Design, supply, installation, testing, and commissioning of signaling and telecommunication system for the entire railway network in Northern Province of Sri Lanka (from Anuradhapura to Kankesanthurai and from Medawachchiya to Talaimannar Pier), at a value of Rs. 550 crore.During the year 201415, following three projects were completed in India: 1. Construction of Multifunctional complexes (MFCs), assigned by Ircon Infrastructure Services Limited (IrconISL), at a value of Rs. 94 crore. 2. Design, Engineering, manufacturing, supply to site, construction, installation and Commissioning of Railway siding for Kalisindh Power Project, Stage I, Jhalawar for Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUN), at a value of Rs. 165 crore. 3. Consultancy work for evaluation of assets installed by DAMPEL on Airport Express Line of Delhi MRTS, for Delhi Metro Rail Corporation Limited (DMRC), at a value of Rs. 8.55 crore.During 201415, the Company secured following major projects in India: 1. Preparation and submission of Detailed Project Report, Land Acquisition and feasibility study of East West Corridor between Gevra Road to Pendra Road in the State of Chhattisgarh, for Chhattisgarh EastWest Railway Limited, at a value of Rs. 72 crore. 2. Widening and strengthening of existing Bikaner Phalodi section to Fourlane from Km. 4,200 to Km. 55,250 and TwoLane with paved shoulder from Km. 55,250 to Km. 163,500 of NH15 on BOT (Toll) basis in the State of Rajasthan, for Ircon PB Tollway Limited, at a value of Rs. 646 crore. 3. Fourlaning of Shivpuri to Guna from Km 236 to Km 332.1 (PackageI) in the State of Madhya Pradesh to be executed on BOT (Toll) on DBFOT pattern under NHDP PhaseIV), for Ircon Shivpuri Guna Tollway Limited, at a value of Rs. 721 crore. 4. Detailed Project Report Detailed Engineering Project Management Construction of Coal Transportation System including associated Electrical Package for Darlipali Super Thermal Power project, StageI (2x800 MW), for NTPC Limited, at a value of Rs. 26 crore. 5. The work of establishment of SCADA compatibility and improving quality of consumer supply in Meerut Town, Ghaziabad Town, Moradabad Town, and Saharanpur Town to be carried out under RAPDRP Part B scheme on turnkey basis including supply of material, for Paschimanchal Vidyut Vitran Nigam Limited (PVVNL), at a value of Rs. 539 crore. 6. The work of system improvement, strengthening and augmentation of distribution system to bring down ATC losses and improve quality of consumer supply of Meerut town of Uttar Pradesh, to be carried out under RAPDRP PartB scheme on turnkey basis including supply of material, for PVVNL, at a total value of Rs. 566 crore. 7. Contract KT4: Design, Supply, Installation, Testing and Commissioning of Ballastless Track of Standard Gauge in elevated section of Aluva to Petta corridor of Kochi Metro Rail Limited, at a value of Rs. 162 crore. 8. Contract CT1A Supply, Installation, Testing and Commissioning of Ballastless Track of Standard Gauge, Part1 Corridor of sections of Mukundpur Lajpat Nagar (excluding) Line7 in elevated and underground sections along with ballasted / ballastless tracks in Mukundpur Depot for Delhi MRTS Project of Phase III), for DMRC, at a value of Rs. 198 crore. 9. Carrying out Topographical and GeoTechnical Survey, Preparation of Master Plan for proposed campus, planning, designing and construction of boundary wall and allied preparatory works, for the National Institute of Technology, Aizwal, Mizoram, at a value of Rs. 61 crore.During FY 201415, in addition to two consultancy projects secured from Ministry of External Affairs viz. preparation of feasibility report and Detailed Project Report for Road and Bridge Projects in Myanmar, IrconISL executed the work for construction of toilets blocks (4786 toilets) under Swachh Bharat Abhiyan for PSUs like Ircon International Limited, Power Grid Corporation of India Limited, Power Finance Corporation Limited, Indian Renewable Energy Development Agency Limited, and South Eastern Coalfields Limited. The work was completed after the close of the year. Out of 23 MFCs undertaken by IrconISL, 19 MFCs have been subleased to operators.During the year 201415, the Company had formed another whollyowned subsidiary by the name Ircon PB Tollway Limited (IrconPBTL) incorporated as a Special Purpose Vehicle on 30th September 2014, pursuant to conditions of award of project viz. widening and strengthening of BikanerPhalodi section in the State of Rajasthan, by National Highways Authority of India (NHAI). IrconPBTL has obtained approval for commencement of business from the Registrar of Companies on 14th November 2014. The Company formed another wholly owned subsidiary company by the name Ircon Shivpuri Guna Tollway Limited (IrconSGTL) on 12th May 2015, pursuant to conditions of award of Shivpuri Guna Project in the State of Madhya Pradesh by NHAI. IrconSGTL has obtained approval for commencement of business from the Registrar of Companies on 27th May 2015. The main object of IrconSGTL is to carry on the business of four laning of ShivpuriGuna section of NH3 from 236 km to 332.1 km on Build, Operate, and Transfer (BOT) (Toll) basis on Design, Build, Finance, Operate and Transfer DBFOT pattern under NHDP PhaseIV in the State of Madhya Pradesh in accordance with the terms of the Concession Agreement, signed with NHAI, and other ancillary works relating thereto. IrconSGTL has signed the Concession Agreement with NHAI on 15th June 2015. IrconSGTL is yet to submit relevant documents to NHAI to achieve financial close. Execution of the project would be taken up after achieving financial close and intimation of appointed date by NHAI.The Company had entered into a tripartite pledge agreement with ISTPL and PNB to pledge 30% of its shareholding in ISTPL, in favour of Punjab National Bank (PNB) a nondisposal undertaking with respect to 21% of its shareholding and to make good 50% of any shortfall in dues, if any, to PNB in the event of the termination of the Concession Agreement. The said pledge agreement and nondisposal undertaking had been, executed as 50% equity partner in ISTPL, in connection with a loan of Rs. 521.53 crore availed by ISTPL.A joint venture company (JVC) called Chhattisgarh East Railway Limited (CERL) has signed concession agreement for Phase I (comprising 104 km) of the East Corridor Coal connectivity project on 12th June 2015 with Ministry of Railways. Phase I of the project is being implemented on Build, Own, Operate, and Transfer (BOOT) model for PPP projects. Physical work has started after acquisition of 64 km of land, for which about Rs. 100 crore had been invested.The Company issued bonus shares in the ratio of 4:1, i.e. four bonus (equity) shares for every one equity share held by the existing shareholders out of free reserves, after getting approval of the shareholders in the AGM held on 28th September 2016. Consequently, the paidup share capital of the Company stands increased from Rs. 19.796 crore to Rs. 98.98 crore with effect from 5th January 2017.In March 2017, two projects at a total value of Rs. 178 crore got completed in India for Delhi Metro Rail Corporation Limited (DMRC). Contract KT4: Design, Supply, Installation, Testing and Commissioning of Ballastless Track of Standard Gauge in elevated section of Aluva to Petta corridor, and Contract KT5R1: Supply, installation, testing, and commissioning of standard gauge track work in Muttom Depot of Kochi Metro Rail Limited.During FY 201617, the Company secured following projects in India: 1. Construction of CorridorIII of EastWest Corridor between Gevra Road to Pendra Road approximately 135 km, feasibility study of EastWest Corridor between Gevra Road to Pendra Road in the State of Chhattisgarh, for Chhattisgarh EastWest Railway Limited (CEWRL), at an estimated project cost of Rs. 2840 crore as per approved Detailed Project Report (DPR).2. a) Doubling projects for East Central Railway at (a) RDUMTALRJO (Rampur Dumra Tal Rajendrapul) project at an estimated project cost of Rs. 1491 crore, out of which Rs. 1369 crore has been considered for the years order book (b) KiulGaya project at an estimated project cost of Rs. 1200 crore, out of which Rs. 455 crore has been considered for the years order book (c) HajipurBachwara project at an estimated project cost of Rs. 679 crore, out of which Rs. 289 crore has been considered for the years order bookb) Doubling projects for West Central Railway at KatniSingrauli project at an estimated project cost of Rs. 1763 crore with a contribution of Rs. 348 crore for the years order book3. Survey, Feasibility study, Detailed Design and Construction of various identified Rail Coal Connectivity Project(s), for Jharkhand Central Railway Limited (JCRL), at an estimated project cost Rs. 1365 crore as per approved DPR.4. Survey, Feasibility study, Detailed Design and Construction of various identified Rail Coal Connectivity Project(s), for Mahanadi Coal Railway Limited (MCRL), at an estimated project cost of Rs. 1075 crore.5. Construction of New Block Station, Staff Quarters and associated PWay, OHE and ST works in connection with construction of Railway siding for the proposed 3.0 MTPA Integrated Steel Plant at Nagarnar, Chhattisgarh (Package No. IV), for NMDC Limited, at a value of Rs. 79 crore.6. Execution of rail connectivity projects identified by Bastar Railway Private Limited (BRPL), at an estimated project cost of Rs. 1406 crore.7. Akhaura Agartala Rail Link project, for North Frontier Railway, at an estimated project cost of Rs. 574 crore as per approved DPR, out of which Rs. 211 crore has been considered for the years order book.8. Civil, Building Track Works of Western Dedicated Freight Corridor Contract package CTP11 JNPT Vaitarana Section (IRCON share 60%), for Dedicated Freight Corridor Corporation of India Limited (DFCCIL), at a value of Rs. 1716 crore.9. Additional work of Design, Drawing and Construction of External Development works External Services at National Institute of Technology (NIT), Mizoram, at a value of Rs. 330 crore.10. SixLaning of DavanagereHaveri (from Km. 260+000 to Km. 338+923) of NH48 in the State of Karnataka to be executed (through incorporation of a subsidiary) on Hybrid Annuity Project on DBOT Annuity under NHDP Phase V EPC Cost, for NHAI, at a value of Rs. 1095 crore.11. Additional works for Construction of Road Over Bridges (RoBs) in the State of Bihar (New RoBs12) for East Central Railway, at a value of Rs. 133 crore.The Inter Ministerial Group (IMG), Department of Investment and Public Asset Management (DIPAM) at its meeting held on 7 June 2017 on the basis of examination of financial accounts of Ircon for the financial year 201617 and on financial criteria specified in Guidelines on capital Restructuring of CPSEs issued by DIPAM on 25 May 2016, suggested Ircon to consider buyback of shares to the tune of 5% of aggregate paidup equity and free reserves of the Company as on 31 March 2017. Accordingly, with the approval of the Board of Directors a proposal for buyback by the Company of its fully paidup equity shares of Rs.10/ each not exceeding 49,41,818 fully paidup Equity Shares was sent to the existing shareholders at a price of Rs.386.72/ per Equity Share payable in cash on a proportionate basis upto 5% of the net worth (comprising paidup share capital plus free reserves) i.e. Rs.3,822.27 crore as per the audited financial results of the Company for the year ended on 31 March 2017.The Company commissioned two projects in Bangladesh during the financial year 201718. 1. The project for construction of 2 Bhairab Railway Bridge with Approach Rail Lines (LotA) being undertaken through unincorporated JV between the Company and AFCONS viz. IRCONAFCONS JV for Bangladesh Railway, at a revised value of Rs.265 crore (Ircons share), has been completed in March 2017. The trial run of engine was carried out on 10 April 2017. 2. Design, Supply, Installation, Testing, and Commissioning of Computer based Interlocking Colour Light Signalling System on turnkey basis at 11 stations between IshurdiDarsana section of Bangladesh for Bangladesh Railway, at a value of Rs.60 crore has been completed in September 2017.During the financial year 20172018, following three projects got completed: 1. One RoB on State owned Road (other than NHs) in Bihar through its funds on 1 Km at Manpur bypass in Gaya District, Bihar for Road Construction Department, Government of Bihar at a value of Rs.60 Crore. 2. Carrying out topographical and Geotechnical survey Preparation of Master Plan, Planning, Designing and Construction of Boundary Wall and allied Preparatory works, for the National Institute of Technology, Mizoram at a value of Rs.140 crore.3. Construction of New Indoor Sports Complex at Gholsapur (Behala) on Sealdah Division, for Eastern Railway at a value of Rs.58 crore.The Company entered into a Memorandum of Understanding on 26 March 2018 with the Rail Land Development Authority (RLDA) for transfer of leasehold rights to Ircon for commercial development on the land parcel admeasuring 4.3 hectare at Bandra East, Mumbai, Maharashtra, against the payment of Upfront Lease Premium. In consideration of its roles and responsibilities, Ircon shall be entitled to receive from RLDA, an amount equivalent to a total of 3% of the Upfront Lease Premium. In order to pay upfront lease premium equivalent to guidance price as approved by RLDA, GST, Stamp Duty and Registration Charges a tripartite a loan agreement has been signed amongst Ircon, RLDA and Indian Railway Finance Corporation Limited (IRFC) on 28 March 2018. RLDA has agreed to pay to Ircon such amounts as may be required by Ircon to meet their debt servicing obligations as and when due under this Agreement. Further the Ministry of Railways also has agreed to provide corresponding amounts to RLDA.The Government of India (GoI) carried out disinvestments of 99.05 lakh equity shares of Ircon International by way of an initial public offer (IPO) during the period from 17 September 2018 to 19 September 2018. The IPO was priced at Rs 475 per share. After the divestment of stake, GoIs holding in Ircon International came down to 89.18%.On 24 October 2018, Ircon International Limited announced that the company has made an investment of Rs 50 crore (i.e in 5 crore equity shares of Rs.10/ each) in Ircon Davanagere Haveri Limited (IrconDHHL) by way of right issue. As on date, the total investment made by the company in IrconDHHL is Rs 104.05 crore. IrconDHHL is a wholly owned subsidiary (WOS) of Ircon International. Earlier, the Board of Directors of Ircon International at its meeting held on 8 November 2017 approved an equity investment of upto Rs 217.05 crore in Ircon DHHL.During FY 201819, the Company completed following three projects in India:1. Widening and Strengthening of existing BikanerPhalodi section to Fourlane from Km. 4.200 to Km. 55.250 and TwoLane with paved shoulder from Km. 55.250 to Km. 163.500 of NH15 on BOT (Toll) basis in the State of Rajasthan, for Ircon PB Tollway Limited (IrconPBTL) at a value of Rs.681 crore. Further, the target as envisaged in MOU for the year 201819 for excellent rating for commencement of Toll Operation for 75% length in respect of BikanerPhalodi Highway Project has been completed. 2. Fourlaning of Shivpuri to Guna from Km 236 to Km 332.100 (PackageI) in the State of Madhya Pradesh to be executed on BOT (Toll) on DBFOT pattern under NHDP PhaseIV), for Ircon Shivpuri Guna Tollway Limited (IrconSGTL) at a value of Rs.670 crore.3. The work of system improvement, strengthening and augmentation of distribution system to bring down ATC losses and improve quality of consumer supply of Meerut town of Uttar Pradesh, to be carried out under RAPDRP PartB scheme on turnkey basis including supply of material, for PVVNL at a value of Rs.329 crore.During 201819, the Company took the following projects in India for a total value Rs.7635 crore in its order book: 1. Construction of New BG Electrified Rail Line between Dharamjaigarh to Korba (Urga) of Chhattisgarh East Railway Limited (CERLII) at total value of Rs.1138 crore2. Construction of CorridorIII of East West Corridor between Gevra Road to Pendra Road in the State of Chhattisgarh for Chhattisgarh EastWest Railway Limited (CEWRL) at value of Rs.260 crore3. Survey, feasibility study, detailed design and construction of various identified rail coal connectivity projects, for Jharkhand Central Railway Limited (JCRL), at value of Rs.1139 crore as per approved DPR. 4. Survey, feasibility study, detailed design and construction of various identified rail coal connectivity projects, for Mahanadi Coal Railway Limited (MCRL), at value of Rs.1079 crore.5. Execution of rail connectivity projects identified by Bastar Railway Private Limited (BRPL), at value of Rs.1513 crore. 6. Construction of Eight Lane Vadodara Kim Expressway from Km 323 to Km 355 (Sanpa to Padra Section of Vadodara Mumbai Expressway) in the State of Gujarat under NHDP PhaseVI on Hybrid Annuity Mode (Phase IAPackage II), for Ircon Vadodara Kim Expressway Limited (IrconVKEL) at value of Rs.1378 crore. 7. Additional work under the Construction of SivokRangpo New BG Rail Link Project, for NorthEast Frontier Railway at a value of Rs.1128 crore.The Government of India divested 10.53% of the paidup equity share capital of the Company in FY201718, through an Initial Public Offering (IPO). The Companys shares are listed on BSE and NSE. PostIPO, the President of India, holds 89.18% of the paidup equityshare capital of the Company. During the year 201819, IRCON has completed Majuba Rail Project in South Africa for procurement of Plant Design, Supply andInstallation of Overhead Track Equipments, Traction Substations, Auxiliary Power Supplies Substations, Bulk Power Supplies Switching Stations and Signalling Systems for Majuba Rail Project, South Africa, which was secured in November 2015 costing Rs. 345 crore and got completed in December 2018.During the financial year 20182019, the Company completed three projects in India, which comprised widening and strengthening of existing BikanerPhalodi Section to Fourlane from Km. 4.200 to Km. 55.250 and TwoLane with paved shoulder from Km. 55.250 to Km. 163.500 of NH15 on BOT (Toll) basis in the State of Rajasthan, for Ircon PB Tollway Limited (IrconPBTL) costing at a value of Rs. 681 crore. Further, it completed the commencement of Toll Operation for 75% length in respect of BikanerPhalodi Highway Project. In year 201819, Company signed a Memorandum of Understanding (MOU) on 26th March 2018 with the Rail Land Development Authority (RLDA) for transfer of leasehold rights to IRCON for commercial development on the land parcel measuring 4.3 hectare at Bandra East, Mumbai.During the financial year 201920, the Company completed setting up of new Rail Coach Factory at Rae Bareli including additional works, for Ministry of Railways which costed Rs. 605 crores. It completed construction of Road Over Bridges (ROBs) in the State of Bihar, for Ministry of Railways, Government of Bihar costing Rs. 671 crores. It completed construction of ROBs in the State of Rajasthan, for Ministry of Railways, Government of Rajasthan, which costed at Rs. 649 crores.During the FY 202021, Promoter of the Company i.e. The President of India represented by Ministry of Railways by way of Offer For Sale (OFS) through Stock Exchange mechanism disinvested 16% of paidup capital of the Company (i.e. 5,26,68,882 equity shares to nonretail investors on March 3, 2021 and 2,25,72,378 equity shares to retail investors on March 4, 2021 in aggregate to 7,52,41,260 equity shares) at the rate of Rs. 89.75 per share amounting to Rs. 677.07 Crore. As a result of the offer for sale, holding of the President of India has reduced from 89.18% to 73.18% of the paidup equity share capital of the Company thereby making the Company compliant on MPS requirement.During FY 202021, a new Company viz. Ircon Guragon Rewari Highway Limited (IrconGRHL) has been incorporated as a whollyowned subsidiary company on December 24, 2020. It completed construction/ upgradation of rural roads, including bridges in 5 districts in the State of Jharkhand, which costed Rs. 607 Crore. It completed the MathuraKasganjKalyanpur Railway Electrification Project with Signalling, for North Eastern Railway, which costed Rs. 433 Crore. It commenced Railway Electrification work for KatniSingrauli, for West Central Railway which costed Rs. 82 Crore. It commissioned SixLaning of DavanagereHaveri of NH48 in the State of Karnataka, for Ircon Davanagere Haveri Highway Limited (IrconDHHL), costing at a value of Rs. 791.19 Crore.During the FY 202122, the Company has incorporated four whollyowned subsidiary companies viz. Ircon AkloliShirsad Expressway Limited (IrconASEL) on December 23, 2021 Ircon Ludhiana Rupnagar Highway Limited (IrconLRHL) on December 24, 2021 Ircon Bhoj Morbe Expressway Limited (IrconBMEL) on January 06, 2022 and Ircon Haridwar Bypass Limited on January 13, 2022. All these four whollyowned subsidiary companies have been formed as Special Purpose Vehicles (SPVs) for domiciling the projects awarded on Hybrid Annuity Mode (HAM) by the National Highways Authority of India (NHAI). Also, one subsidiary company viz. Ircon Renewable Power Limited (IRPL) has been incorporated as Joint Venture Company and SPV (JVSPV) on January 13, 2022, with shareholding of76% held by IRCON.During the year 202122, Company has infused equity / quasi equity of Rs. 212.84 Crore in its subsidiary and JV companies, resulting in cumulative investment of Rs. 1421.68 Crore as on March 31, 2022.As on 31 March, 2022 the shareholding of Promoter i.e. President of India stood at 73.18% of the paidup equity share capital. The Company is in compliance of the Minimum Public Shareholding (MPS) requirement in terms of the Securities Contracts (Regulation) Rules, 1957.During the year 202122, Company completed excavation of about 11 Km in Main Tunnel of T15 on January 18, 2022. The Company has also achieved breakthrough blast in Tunnel No. 77D on March 03, 2022, which is 2.65 KM long located at Village Bankoot in Ramban District. In SivokRangpo Rail Link project, Company completed 10.34 excavation of Main Tunnels during the year 202122. It also achieved breakthrough in tunnel no.14 on February 08, 2022 which is 1.96 Km long and located at Rangpo in Sikkim. In Hajipur Bachwara Doubling project, CRS inspection (Commission of Railway Safety inspection) of HajipurAkshaywat Rai Nagar (11.5 km) was held on March 24, 2022 and Section was commissioned at a maximum speed of 80 KMPH. CRS inspection of Shahpur PatoreeSahdei Buzurg (12.41 km) was held on January 07, 2022 and section got commissioned at maximum speed of 90 KMPH. In CorridorI of East Corridor between Kharsia to Dharamjaygarh project in State of Chhattisgarh being executed through the JV Company, Chhattisgarh East Railway Limited, the Korichhapar to Dharamjaygarh Section of 30 Km was formally opened for operation of Goods train with Diesel traction with only one train system on June 21, 2021. This is the first coal connectivity project where 74 Km (Single Down Line) has been commissioned. Further, the Gharghoda to Bhalumuda Section of 14 Km Spur Line (Single Line) also commissioned for Goods train on February 25, 2022. Engine Rolling was done between GurdaKorichhapar (Doubling) between Chhal Takeoff Point to Chhal Siding Holding Yard and between KharsiaGurda (doubling) on June 24, 2021, March 31, 2022 and April 25, 2022. In KatniSingrauli doubling project, for the KatniSingrauli Section of 257 Km, in FY 202122, after CRS inspection, 43.33 Km has been commissioned i.e. Deoragram Majhauli Section of 8.30 km commissioned at a maximum speed of 90 KMPH on September 07, 2021 New Katni Jn.Katangi Khurd Section of 7.80 Km commissioned on June 14, 2021 MahediyaSingrauli Section of 5.90 km commissioned on February 11, 2022 and SalhanaPipriyaKhanna Banjari Section of 21.33 km commissioned on February 13, 2022. In the Dedicated Freight Corridor Project, CTP12, IRCON has set record of manufacturing and launching the largest precast PSC segmental twin shell box (measuring 18.47 meters in length, 15.8 meters in width and 9.73 meters in height) at Road Over Bridge (ROB) Valsad between Valsad and Pardi RailwayStations, Gujarat. The work started on June 3, 2021 and got completed on June 7, 2021. The Company completed 200 km track linking out of 372 km stretch of this project between VaitarnaSachin sections by using imported New Track Construction machine. After the close of year, on May 30, 2022, the Honble Minister of Railways inaugurated an international standard fully airconditioned multipurpose Indoor Stadium at Behala which was constructed by IRCON. This fully airconditioned multipurpose Indoor Stadiumwith stateoftheart facilities was developed with a seating capacity of about 1,100 in a twotier viewer gallery.As on March 31, 2023, the PaidUp Equity Share Capital of the Company stood at Rs. 188.10 Crore comprising of 94,05,15,740 Equity Shares of Face Value of Rs. 2/ each. The shareholding of the Promoter of the Company i.e. the President of India stood at 73.18% of the Total Paid up Equity Share Capital of the Company, as on March 31, 2023.During FY 202223, IRCON International commissioned two projects. i) the Construction of Eight lane Vadodara Kim Expressway from Km. 323.000 to 355.000 (Sanpa to Padra Section of Vadodara Mumbai Expressway) in the State of Gujarat under NHDP Phase VI on Hybrid Annuity Mode (Phase IAPackage II). ii) ECR Doubling between Hazipur Bachwara with electrification project (72km) including planning, design and construction of all service and residential buildings, circulating area, parking, platforms, subways, shelters and other allied structures of all stations, including Electrical, Signal Telecommunication works and any other works. Section2 from Km 34.900 to km 52.34, KurthaBijalpura was also commissioned during the year.For the DelhiMeerut Section of NCRTC, 220 kV power transmission line, 34 kms of 33 kV 1.2 kms of 25 kV Cabling was done along with energization of 02 Nos. Receiving SubStations (RSS) of 220/33/25 kV at Ghaziabad Muradnagar including 05 Nos. of Auxiliary SubStations (ASS) of 33/0.415 kV at Ghaziabad, Guldhar, Sahibabad, Duhai Station Duhai Depot. Furthermore, Overhead Equipment (OHE) of 17 kms with a design speed of 180 kmph commissioned from SahibabadDuhai including Duhai Depot. In 2022 23, IRCON commissioned Signalling Works at 60 Stations of Indian Railways as part of Doubling, New Line, RE Modifications, Replacement works. The KatniSingrauli Doubling Project with Total 78.29 Km sections was commissioned during FY 202223. KiulGaya Doubling Project was commissioned at a permissible speed of 100 kmph and, the entire Lakhisarai Sheikhpura section (25.32 Km) was commissioned with 100 kmph on 21.02.2023. 1.405 Km of Kashichak yard was commissioned on 31.05.2023. An international standard fully air conditioned multipurpose Indoor Stadium with stateoftheart facilities at Behala was inaugurated on May 30, 2022.