Patel Engineering Ltd

Patel Engineering Limited (PEL) wet its feet in the industry during the year 1949. PEL is a dynamic and progressive Indian Engineering company committed to providing the entire range of civil engineering services involved in the design, construction of Power Houses, Hydroeletric Projects, Commercial Building, Industrial Complexes, Dams, Tunnels, Underground Structures, Steel and Concrete Structures, Bridges, Marine Works, Flyovers and National Highways in India and abroad. ISO 9002: 2000 certification Company and access to internationally renowned Licensors Contractors make it the ideal engineering solutions partner for a wide spectrum of services covering a variety of industries. During the year 199394, the company had commenced production in plastic products through its subsidiary ENPRO. In the period of 199798, the company had entered into joint ventures with ENERGOPROJECT, Yuguslavia. PEL had established a separate entity in the year 19992000 in the name and style of ASI Civil Constructors under the laws of the state of California as a regular corporation with a fiscal year end of March 31st ASI RCC, Inc., purchased all of the stock of this entity for 80,000 cash. In the same year 199900, the company had assigned 4A 3(best) rating by the world renowned Dun Bradstreet with 16 times the markets capitalization. PEL had achieved a breakthrough in highways and road projects. In 2001 the company had been accredited with ISO 9002 certification. The Company had secured contract for construction of Indias first Roller Compacted Concrete Dam for the Ghatghr Hydro Electric project in the year 2002 and also in same year, PEL had incorporated a wholly owned subsidiary in USA under the name of Patel Engineering Inc to protect the parent company in India against all claims, litigations that may emanate in the executed projects overseas. Totally 5,418 kms of the National Highway Development project had been completed as of 31st January of the year 2005. In the year 200607 alone, PEL had incorporated 18 subsidiaries, out of that two companies namely Patel KNR Infrastructure Pvt Ltd and Patel Engineering Pvt Ltd were incorporated as a special purpose vehicle. In December of the year 2007, it bagged an order worth Rs 1,188.5 million for double lake tapping and other civil works of Koyna Dam Foot Power House for the Water Resources Department, Government of Maharashtra. During the year 200708, the company acquired 51% stake in Michigan Engineers (Michigan), a Mumbai based urban Infrastructure Company and 96% stake in Patel Energy, which entered into an MOU with Gujarat Power Corporation, Government of Gujarat for establishing a 1,200 MW imported coalbased power project at Ghogha, Bhavnagar. In June of the year 2008, the company bagged the USD 280 million Taum Sauck upper reservoir dam reconstruction project, the largest RCC dam in Missouri, USA. Patel Engineering is planning to increase its presence in export markets especially in USA and Africa and has lined up Rs 4 billion for its expansion plan, which would be invested over the next two years into equipment and allied areas to strengthen its overseas operations. The company is already having a subsidiary, ASI Contractor Inc., in the US through which it implements projects in the region.During the year 200809, 37 subsidiaries were incorporated, 13 in India and 24 in abroad. The company acquired 100% stake in Friends Nirman Pvt. Ltd., in West Bengal it acquired 90% stake in Naulo Nepal Hydro Electric Pvt. Ltd., a company incorporated in Nepal for two hydro power projects aggregating to 56.6 MW. The Company reduced its holdings from 60% to 48% in Patel KNR Infrastructures Pvt. Ltd. and Patel KNR Heavy Infrastructures Pvt. Ltd. Consequently, both the Companies cease to be its subsidiary. Further, the Company made disinvestments in 12 wholly owned subsidiaries, acquired by Associate Company, Enpro Ltd. The Company structured business activities into verticals such as urban infrastructure, roads, development, power, mining (other than civil engineering) through its direct subsidiaries. Accordingly, some of the direct subsidiary became step down subsidiary.In 2012, the Company completed over 33 micro tunneling projects in India and the USA, completed construction of two road projects on annuity basis, namely KNT 1 AP 7 in the state of Karnataka and Andhra Pradesh launched 4 projects in excess of 2.4 million square feet and commenced its construction at site. In the power sector, the company along with two other consortium partners, acquired a company named, Raichur Sholapur Transmission Company Ltd from REC Transmission Project Company Ltd. in July, 2012.In 2013, the Company commenced work for 450MW Shongtong Karcham Hydroelectric project which costed Rs 10,400 million. Along with other JV partners, the Company completed a BOT project from Uttar Pradesh State Highways Authority (UPSHA) for construction of fourlane highway project in Varanasi Shaktinagar Road which costed Rs 17,500 million. It commenced construction of 144 MW Gongri project in Arunachal Pradesh in the hydro power segment.During the year 201314, Company completed of 765 kv S/C Transmission lines under SPV viz Raichur Sholapur Transmission Company Limited in which Company held 33.34%. In 201415, Patel Engineering Inc, the wholly owned subsidiary of the Company in USA acquired 100% stake in ASI Global LLC, USA. The Company increased its holding in Shreeanant Construction Pvt. Ltd from 51% to 100%. The Companys holding in Pan Realtors Private Ltd. (PAN) got reduced from 51% to 36.43 % on account of nonsubscription to the Rights Issue offered by PAN. It launched Neotownon 103 acres in Bangalore development of Residential Project at Gachibowli, Hyderabad named as Smondo Gachibowli on 4 acres of land comprising of 2 residential tower and a service apartment being developed by PBSR Developers Pvt. Ltd. (100% subsidiary of PRIL).The Company through its wholly owned subsidiary Patel Realty (India) Ltd (PRIL) was formed to develop 103 acres of Electronic City land in Bangalore. It handed over 2,000 apartments and is developing a Mall through a SPV Bellona Estate Developers Ltd (over 12 acres land for 1.20 million sq feet). Patel Realty (India) Limited, a wholly owned subsidiary of the Company was amalgamated with the Company vide. Order of National Company Law Tribunal (NCLT), Mumbai Bench dated July 06, 2017.The Appointed date of the merger is April 01, 2016. Step down subsidiaries VIZ. Nirman Construction Pvt. Ltd and Azra Land Projects Pvt. Ltd were sold to reduce the debt of the Company and resultant, these companies ceased to be the subsidiaries effective from December 27, 2016.Pursuant to the Agreement of Merger, the three entities Westcon Micro tunneling Inc, ASI RCC Inc and Patel Engineering Inc, USAcompanies merged into a single corporation with Patel Engineering Inc as the surviving corporation effective from March 31, 2017. All three corporations were formed under the laws of the State of Colorado, USA. The purpose of the merger was to consolidate assets, eliminate the intercompany debts, and reduce the operating expenses of the companies.The Company incorporated Hampus Infrastructure Private Limited during the year 201718. ASI Constructors Inc (ASI) disinvested its stake in Engineering and Construction Innovation Inc (ECI) as a part of closure of operations upon substantial asset sale. Terra Land Developers Limited ceased to be an associate Company w.e.f December 27, 2018 on account of disinvestment.During 202122, Apollo Buildwell Private Limited and Naulo Nepal Hydro Electric Private Limited ceased to be subsidiaries of Company on account of sale/disinvestment.