Gayatri Projects Ltd is one of the fastest growing infrastructure companies in India executing major civil works including construction of roads, irrigation, rail, concrete or masonry dams, earthen da
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ms, national highways, bridges, canals, aqueducts, airports development, power, mining and industrial works.
The company's clients include National Highway Authority of India (NHAI), Irrigation Department, Andhra Pradesh, Airport Authority of India, Maharashtra State Road Development Corporation Ltd, Madhya Pradesh Road Development Corporation Ltd, Karnataka Jalabhagya Nigam Ltd and Maharashtra Industrial Development Corporation, Thane.
Gayatri Projects Ltd was incorporated on September 15, 1989 as a private limited company with the name Andhra Coastal Construction Pvt Ltd in the state of Andhra Pradesh. The company was established with the object of undertaking construction activities. In April 1, 1994, the company took over all the assets of Gayatri Engineering Company, a partnership firm, established in the year 1975 as 'Special Class Contractors' on a going concern basis. The name of the company was changed to Gayatri Projects Pvt Ltd with effect from March 31, 1994. In December 2, 1994, the company was converted into a public limited company and the name was changed to Gayatri Projects Ltd. The Company has three subsidiary companies (including step down subsidiaries) as on 31st March 2019.
During the year 1994-95, Videocon Appliances Limited and Videocon International Limited made investments into shares of the company. During the year 1996-97, they completed the construction of 'S' Bund and Platforms in difficult work conditions at Kakinada Port Project funded by ADB. They completed the filling of 50.00 lakh cu m in a record time of 8 months at Reliance Petroleum Ltd Project, Jamnagar. During the year 1997-98, the company formed a Joint Venture with IJM Corporation Berhad, Malaysia and secured Major Contracts of National Highways in Andhra Pradesh.
During the year 2001-02, the company completed the work of extension and strengthening of Runway at Calicut Airport consisting of filling of 135 Mts Height deep gorge with 65.00 lakh cu m of earth. They completed construction of Asia's Biggest Canal having a width of 120 Mts at Narmada Main Canal, Gujarat.
During the year 2002-03, they completed Construction of 270 MLD Water Treatment Plant at T.K.Halli, Bangalore. During the year 2005-06, the company awarded the ISO 9001:2000 and Q9001-2000 Quality Certificates by Amercian Quality Assurance International, LLC, USA.
During the year 2006-07, the company was awarded 2 contracts on BOT annuity basis by NHAI in Uttar Pradesh in JV. They bagged new orders valued around Rs 85500 lakh and executed projects worth Rs 50212 lakh. They floated two special purpose vehicles (SPVs) in the name and style of Gayatri Jhansi Roadways Ltd and Gayatri Lalitpur Roadways Ltd for the purpose of Design, Construction, Development, Finance, Operation and Maintenance of Road between Jhansi to Lalitpur, in the State of UP with a stake of 83% by the company and balance by IDFC and others. The company shares were listed on the Mumbai Stock Exchange with effect from October 17, 2006.
During the year 2007-08, the company bagged new orders valued around Rs 175,010 lakh. They received contracts for design, construction, development, finance, operation and maintenance of ORR from Bongulur to Tukkuguda - AP-4 in the State of Andhra Pradesh, at an estimated Project cost of Rs 36,200 lakh. Also, they received order for improvement of Naranpur-Pandapada - Harichandanpur - Brahmanipal - Duburi Road in the state of Orissa awarded to Gayatri-RNS joint vnture, at an estimated project cost of Rs 31,189 lakh.
During the year 2008-09, the company bagged new orders valued around Rs 439,491 lakh. During the year 2009-10, the company and their joint ventures together bagged new orders valued around Rs 28,950 million. The Gayatri-JMC JV received contracts for widening and strengthening of Chittoor- Puttur Road from Km 3/200 to Km 64/00. The work order value is Rs 113.08 crore.
DLF-Gayatri Consortium received contracts for six laning of Indore - Dewas Section of NH-3 from Km 577.550 to Km 610.000 and Km 0.000 to Km 12.600 (Approx. Length 45.05 Km) in the State of Madhya Pradesh Under NHDP Phase-V to be executed as BOT (Toll) Project. Also they received contracts for design, construction, finance, operation and maintenance of four-laning of Hyderabad - Karimnagar - Ramagundam Road (SH-1) from Km.28.200 to 235.058 in the State of Andhra Pradesh under Public Private Partnership (PPP) on Build, Operate, and Transfer (BOT) Basis.
During the year 2010-11, they received the ISO 9001:2008 Quality Certificates by Amercian Quality Assurance International, LLC, USA. In October 2010, the company secured a new order under BOT (toll) of Rs 43.45 crore for engineering, design, site preparation, security, structural fabrication, supervision of handling and installation, packing, delivery at site, erection as per technical specification including associated civil road works and other facilities required for the construction of iron ore crushing plant for Kumaraswamy Iron ore crushing project at Donimalal, Bellary.
In January 2011, the company bagged new order under civil & steel structural works for additional coal storage & handling system required for second phase expansion (2x120MW-Units 9&10) of the captive power plant of NALCO at Angul, Orissa. The cost of the project is Rs 21.77 crore. Also, they bagged new order under civil engineering works for the coal handling plant of M/s NTPC - BRBCL for 4x250MW power plant at Nabinagar, Bihar. The Project cost is Rs 68.09 crore. In February 2011, the company secured a new order from Government of Mizoram, Aizawl for Execution of Construction of two laning/ realignment from Km 11.500 to 130 of NH-44A in the state of Mizoram under phase 'A' of SARDP-NE for approximately Rs 544.75 crore.
During FY 2015, the paid up Equity Share Capital of the Company increased from Rs. 30.22 crore to Rs. 33.83 crore pursuant to allotment of 36,04,000 equity shares of the company to Foreign Institutional Investors (deemed FPI) by way of Preferential Issue.
During the year 2016, the company's wholly owned subsidiary, M/s. Gayatri Energy Ventures Pvt. Ltd (GEVPL) along with its JV partner Sembcorp Industries launched 2,640 MW Sembcorp Gayatri Power Complex at Krishnapatnam in February 27th, 2016. Built, at a total project cost of USD 3 billion (Rs. 20,000 crore), the power complex is the largest foreign direct investment-driven project on a single site in the thermal energy sector in India to date. The complex houses two 1,320-megawatt supercritical coal-fired power plants - Thermal Powertech Corporation India (TPCIL), first power plant successfully completed and commenced full commercial operation in September 2015, while Sembcorp Gayatri Power Limited (Formerly NCCPPL), second plant is expected to be fully operational in 2016.
The face value of the equity share of the company was subdivided from Rs. 10/- per share to Rs. 2/- per share w.e.f 10 February 2017 (Record date 13 February 2017).
In FY 2017, the Company acquired 100% shareholding of M/s. Gayatri Infra Ventures Limited in accordance with the Composite Scheme of Arrangement, Pursuant to the aforesaid acquisition M/s. Gayatri Infra Ventures Limited has become wholly owned subsidiary of the company.
With regard Composite Scheme of Arrangement between M/s. Gayatri Projects Limited, M/s. Gayatri Infra Ventures Limited, M/s. Gayatri Domicile Private Limited and their respective Shareholders, the Company filed with BSE Limited and National Stock Exchange of India Limited the Composite Scheme of Arrangement between Gayatri Projects Limited, Gayatri Infra Ventures Limited and Gayatri Domicile Private Limited and their respective shareholders (as approved by the Board of Directors on 16 July 2016, along with other documents on 05th August, 2016, pursuant to Regulation 37 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Company received Observation Letter or No-objection Letter from the stock exchanges. Further the Company filed the Composite Scheme of Arrangement with Hon'ble High Court of Judicature at Hyderabad and the same has been admitted. Pursuant to the order of the Hon'ble High Court of Andhra Pradesh and Telangana, the meetings of Equity Shareholders, Secured and Unsecured Creditors of the Company convened and held on Monday 23rd January, 2017 at the FTAPCCI Auditorium, (Federation of Telangana and Andhra Pradesh Chambers of Commerce and Industry), Federation House, 1 1 -6-841 Red Hills, Hyderabad 500004 for the purpose of considering the scheme and the same has been approved by them with requisite majority. The Ministry of Corporate Affairs has notified Section 230 [except subsections (11) and (12)], sections 23 1,232 and 239 of the Companies Act, 2013 on 15 December 2016, pursuant to the aforesaid notification The National Company Law Tribunal (NCLT) has acquired jurisdiction over the matters dealt with amalgamation, compromise and arrangement. The National Company Law Tribunal (NCLT), Hyderabad Bench vide its order dated 3rd November, 2017, has sanctioned the Composite scheme of arrangement under Section 232 read with Section 230 of the Companies Act, 2013 between Gayatri Projects Limited (Transferee Company / GPL), Gayatri Infra Ventures Limited (Transferor Company / GIVL) and Gayatri Domicile Private Limited (Resulting Company / GDPL). The Scheme is effective from 23rd November 2017 i.e. the date of filing of the certified copy of the order of the NCLT with the Registrar of Companies, Telangana State.
During the period 2018, the Company issued and allotted 99,46,785 equity shares at a price of Rs 201.07 (including a premium of Rs 199.07) by way of Qualified Institutional Placement (QIP) in accordance with the SEBI (ICDR) Regulations, 2009.
During the year 2018, Gayatri demerged its BOT road portfolio into a new entity, Gayatri Highways, which is now separately listed on India's stock exchanges. The new enterprise contains the Company's four annuity and three toll highway BOT projects.
During the year 2018, the Company executed Package 6 of the Eastern Peripheral Expressway smoothly with the help of Digital Project Management System (DPMS), a web or mobile applications for live project reporting and an IoT plant to track all material being used in particular projects. It bagged part of the project (Package 6) and demonstrated superior execution prowess with the help of DPMS to complete it ahead of schedule. The project was successfully completed within 708 days, when the allotted construction period was of 910 days. The Company received an appreciation letter from the NHAI acknowledging the same.
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