PNC Infratech Signs ₹3,483 Crore HAM Concession Agreements with NHAI for Two NH-927 Highway Packages in Uttar Pradesh
PNC Infratech Limited has signed concession agreements with the National Highways Authority of India (NHAI) for two Hybrid Annuity Mode (HAM) highway projects in Uttar Pradesh, with an aggregate bid project cost of ₹3,483 crore. The agreements were executed on July 16, 2026, between NHAI and the special purpose vehicles incorporated by PNC Infratech for implementing the projects.
The first project, under Package-I of the NH(O) Scheme, involves construction of a four-lane highway from Barabanki to Mustafabad on NH-927, spanning approximately 43.7 km, at a bid project cost of ₹1,728 crore. It will be executed through the SPV Barabanki Mustafabad Highway Private Limited.
The second project, under Package-II, covers the stretch from Mustafabad to Biswariya on the same NH-927 corridor, spanning approximately 54.8 km, at a bid project cost of ₹1,755 crore. This project will be undertaken through the SPV Mustafabad Biswariya Highway Private Limited.
Both projects are scheduled for construction over 24 months from their respective appointed dates, followed by a 15-year operation and maintenance period under the HAM structure, which allows PNC Infratech to receive annuity payments from NHAI through the operations phase. The projects are aimed at improving connectivity along the NH-927 corridor.
Following the announcement, PNC Infratech's shares rose nearly 6% in intraday trade. The company's total order book stood at ₹28,769 crore as of March 31, 2026, spread across HAM road projects, EPC roads, water supply schemes under Namami Gange and Jal Jeevan Mission, an airport runway project, a railway EPC contract, and a mining development and operations contract, with Uttar Pradesh, Maharashtra and Bihar accounting for a large share of ongoing project value.