Bharat Road Network Ltd

Bharat Road Network Limited (BRNL) is a road BOT company in India, focused on development, implementation, operation and maintenance of roads and highways projects. The Company is involved in the development, operation and maintenance of national and state highways in several states in India with projects in states of Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha. As on September 2018, the company managed road assets of Rs 6806 crore covering 2,095 lane kilometres across six states in India. Bharat Road Network Limited was incorporated on December 22, 2006, at Kolkata as a public limited company.During the financial year ended 31 March 2006, the company was awarded BOT Project for (a) four laning of the existing two lane portion of the Thrissur Angamali section of NH47 from km 270 to km 316.70 (there is a missing chainage of 6.70 km) and (b) improvement, operation and maintenance of the Angamali Edapalli section from km 316.70 to km 342.00 of NHin the state of Kerala on DCDFOM pattern on BOT toll basis by Guruvayoor Infrastructure Private Limited (GIPL). During the financial year ended 31 March 2009, the company was awarded BOT project for four laning of the IndoreUjjain portion from Ch. 5/2 to Ch. 53 on State Highway 27 in the state of Madhya Pradesh on a DBFOT pattern, on a BOT Toll basis being undertaken by Mahakaleshwar Tollways Private Limited (MTPL).During the financial year ended 31 March 2010, the company was awarded BOT project for four laning of the GhaziabadAligarh section of NH91 connecting km 23.60 to km 140.20 of NH91 on DBFOT pattern on BOT Toll basis and subsequent six laning of the GhaziabadAligarh section of NH91 connecting km 23.60 to km 140.20 of NH91 in the state of Uttar Pradesh (excluding Aligarh bypass from km 129.60 to km 149.90) before the 12th anniversary of the appointed date for the project i.e. February 25, 2011 being undertaken by Ghaziabad Aligarh Expressway Private Limited (GAEPL).During the year under review, the company was awarded BOT Project for augmenting the existing road by four laning the RohtakBawal section of NH71 from km 363.30 to km 450.80 in the state of Haryana on DBFOT Toll basis being under taken by Kurukshetra Expressway Private Limited (KEPL).During the financial year ended 31 March 2011, the company was awarded the BOT Project for augmenting the ChandikholeJagatpurBhubaneswar section of NH5 in the state of Odisha from km 413.00 to km 418.00 and km 0.00 to km 62.00 (SJEPL Project Road) by six laning the SJEPL Project Road on a DBFOT pattern on BOT Toll basis being undertaken by Shree Jagannath Expressways Private Limited (SJEPL). During the year under review, the company achieved final date of commencement of the commercial operation (COD) of MTPL project. During the financial year ended 31 March 2012, the company achieved provisional date of commencement of the commercial operation (COD) of GIPL project. During the year under review, the company was awarded BOT Project for augmenting the existing road by four laning the SolapurMaharashtra / Karnataka border section of NH9 from km 249.000 to km 348.800 in the state of Maharashtra on DBFOT pattern on BOT Toll basis being undertaken by Solapur Tollways Private Limited (STPL).During the financial year ended 31 March 2014, the company achieved first provisional COD of KEPL project. During the year under review, STPL became a subsidiary of the company. During the financial year ended 31 March 2015, the company achieved second provisional COD of KEPL project. During the financial year ended 31 March 2016, the company achieved first provisional COD of GAEPL project.During the financial year ended 31 March 2017, the company achieved final COD of GIPL project. During the year under review, the company achieved second provisional COD of GAEPL project. During the year under review, the company achieved provisional COD of SJEPL project.The company came out with an initial public offer (IPO) of 2.93 crore shares during the period from 6 September 2017 to 08 September 2017. The stock debuted at Rs 204.90 on BSE on 18 September 2017, below the IPO price of Rs 205 per share.On 05 October 2017, Bharat Road Network informed the stock exchanges that Shree Jagannath Expressways Private Limited (SJEPL), one of the associate companies in Odisha, has won an arbitration award of over Rs 100 crore. It is expected that NHAI will soon release the money given the governments stated stance of not getting into long tenure disputes and settle claims as per award of arbitration so that further investments can come into the road sector. The SJEPL project has also received refinancing sanction for reduction in interest rates, which will bring down its cost of fund by almost 3% resulting in annual savings of almost Rs 30 crore.On 3 November 2017, Bharat Road Network informed the stock exchanges that the company has recently entered into an Securities Purchase Agreement with KMC Infratech Road Holdings Limited and KMC Constructions Limited (they together hold balance 51% equity shares in GIPL) for acquisition of the entire remaining 51% stake in GIPL, thus taking the total shareholding of the company in GIPL to 100%.On 4 July 2018, Bharat Road Network Limited (BRNL) informed the stock exchanges that an application has been filed against the company, under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Religare Finvest Limited, claiming to be a Financial Creditor, before the National Company Law Tribunal, Kolkata Bench for initiation of Corporate Insolvency Resolution Process against the company, claiming a default of Rs 51.30 crore. BRNL has raised dispute in this matter with the aforesaid Financial Creditor.