IL&FS Engineering & Construction Co Ltd Share Price

History of IL&FS Engineering & Construction Co Ltd

IL&FS Engineering and Construction Company Limited (IECCL) was incorporated as 'Satyam Constructions Private Limited' on May 6, 1988. The name of the Company was changed to 'Maytas Infra Limited' via fresh Certificate of Incorporation on June 1, 1998 granted by the Registrar of Companies, Andhra Pradesh, at Hyderabad. Further, the name was changed from Maytas Infra Limited to IL&FS Engineering & Construction Company Limited on January 7, 2010. The Company has thirty years of expertise in the engineering and construction sector, offering comprehensive Engineering, Procurement, and Construction (EPC) solutions. It has been delivering projects across diverse sectors including Power, Oil and Gas, Roads, Railways and Metros, Water and Irrigation, Ports, and Buildings & Structures sectors. Pr ...esently, it is engaged in the business of erection / construction of roads, irrigation projects, buildings, oil & gas infrastructure, railway infrastructure, power plants, power transmission & distribution lines including rural electrification and development of ports. A joint venture was entered with Sri Shankaranarayana Construction Company and Trafalgar House Construction (Tunneling), U.K in the year of 1994, which pre qualified for the work of Muran Dam and Tunnel of UIHP, Orissa. In joint venture with IJM Corporation Bhd., Malaysia in year 1998, Mumbai-Pune Expressway (Section A) and the Chennai Bypass (Phase-I) projects were awarded. In 1999, in joint venture with Sri Shankaranarayana Construction Company, Bangalore, new works of Kalpong HE Project, NHPCL, Andaman and Nicobar Islands, and Larji HE Project, HPSEB, were awarded. During the same year of 2002, the company was awarded upgradation of the road project from Kalmala Junction to Sindhnur in a joint venture with Nagarjuna Constructions Company (NCC) and also it was awarded the contract for civil and hydro-mechanical works for Head Race Tunnel and associated works in Himachal Pradesh and entered into a joint venture, 'HIMACHAL JV', with Sri Shankaranarayana Construction Company and NCC. MIL had entered into a joint venture, 'NCC-Maytas (JV)', with NCC in the year 2003. The joint venture was awarded the 'Singapore Class Township' at Pocharam from CESMA, Singapore. The Company was awarded an ISO 9001-2000 Certification by American Quality Assessors with effect from February of the same year 2003. Maytas infra bagged an award, the 'Fastest Growing Construction Company - 1st Rank', for the year 2003 from 'Construction World' magazine. The Company incorporated a Special Purpose Vehicle (SPV), Brindavan Infrastructure Company Limited IN 2004, along with NCC and KMC Constructions Limited. The 'Construction World' magazine honored the company as 'Fastest Growing Construction Company - 3rd Rank' in the year 2006. Again the company became a public limited company and the word 'private' has been deleted from its name. The certificate of incorporation to reflect the new name was issued on 9th February 2007. During the identical year of 2007, MIL had signed a Memorandum of Understanding (MoU) with Dhabi Contracting Est and established a joint venture company, Dhabi Maytas Contracting LLC in United Arab Emirates. In March of the year 2007, Maytas (Singapore) Holding Pte Ltd and AP Prakash Shipping Company Pte Ltd were incorporated as Subsidiaries. In April 2008, Maytas Infra led consortium had signed a Project Development Agreement (PDA) with the Infrastructure Development Department (IDD), Government of Karnataka to develop and operate airports proposed at Gulbarga and Shimoga on a BOT basis. MIL had awarded India's first washery reject coal-based power plant contract of 120-megawatt (MW) capacity in May of the year 2008 on a total Engineering, Procurement and Construction (EPC) basis. In August 2008, the company had joined the World Economic Forum as a Global Growth Company (GGC) member. MIL bagged two orders totaling to Rs.480.67 crores for electrification of Beed & Nanded districts of Lathur Zone, and Ahmednagar district of Nashik Zone from MSEDCL under Infrastructure Development Plan' in September of the year 2008. With the 'New Initiatives' in place and varied expertise technology taking the lead, Maytas Infra is now on the mission to create world class infrastructure to enhance quality of life. In December 2008, Satyam Computer Services Limited (SCSL) had announced the acquisition of 51% stake in Company which was subsequently aborted by SCSL. During FY 2008-09, the Company completed projects Gujarat State Petronet Ltd (GSPL)110 km high pressure gas pipeline project between Rajkot and Jamnagar in Gujarat which costed Rs 303.45 crores and Indian Oil Corporation Ltd (IOCL)Civil infrastructure jobs for boundary wall, water and drainage system, sewerage treatment plant, etc for refinery township for Paradeep costing Rs 37.14 crores. The Company acquired Angeesera Green Fields Pvt. Ltd, Ekadanta Green Fields Pvt. Ltd and Saptaswara Agro-Farms Pvt Ltd and they became wholly owned subsidiaries of Company in 2010-11. It completed MRTS-Phase II-Extension from Velachery to St. Thomas Mont- Construction of Pile Foundation and substructure and other misc. works at Reach-I & Reach-II, Chennai; costing Rs 375 crores; Construction of Multistoried Building Complex at Air Force Station-Kanpur-Ors 10 Blocks, JCO's 1 Block, Kanpur costing Rs 596 crores and Cement Concrete (CC) lining to Subernarekha Main Canal from Rd 0M to 23940 M and 26000 M to 31000 M including additional and balance works costing Rs 3900 crores during 2010-11. In 2011-12, Company commissioned 220 Kv Transmission Lines from Chittoor -Palamaneru section (60 Km) in AP, which costed Rs 9.8 crores, commissioned 220 Kv Transmission Lines 40 Km from Medchal -Minpur section (40 Km) in AP costing Rs 10 crores, commissioned 220 Kv Transmission Lines and Sub stations under GKLIS- Kadapa, in AP costing Rs 28.79 crores, construction of 60 Nos -G Type quarters for Married Research Scholars at IIT-Chennai costing Rs 9.49 crores, Bhupati Palem Reservoir Project commissioned costing Rs 76 crore, Hyderabad Outer Ring Road-(Package AP-2) project completed costing Rs 408.99 crores and 4 Lanning of NH- 36 (AS-17) completed costing Rs 26.30 crores. In 2014-15, the Company completed Maytas -Hill County Township balance works costing Rs 424.85 crores, GIFT Project costing Rs 187.85 crores, IL&FS Prime Terminal (IPTT) Phase-I-Jetty Pipe Line Project, Fujairah costing Rs 5.70 crores, Civil & Erection of 400KV Quad D/C Mosse Transmisssion Line from Cuddalore TPS to Nagapattinam PGCIL Pooling Station on Turnkey basis from IL&FS Tamil Nadu Power Co. Ltd. costing Rs 134.29 cr., Rural Electrification Works in Sundergarh Dist., of Orissa costing Rs 66.91 crore, Rural Electrification Works in Jajpur Dist. of Orissa costing Rs 124.38 cr. and Rural Electrification Works in Khurda Dist. of Orissa costing Rs 44.88 crores and in 2021, completed nearly 8 projects. The Company completed Ahmedabad Metro Project and three Power Projects in the State of West Bengal in 2022-23. Considering vast potential available in infrastructure sphere, it has ventured into new business segments such as: Airports, Seaports, Oil and Gas-Pipelines, Refineries and Petro Chemicals; Power Generation, Transmission and Distribution; Industrial Construction and Rail and Rail Based Systems. Company is part of the Infrastructure Leasing and Financial Services Limited (IL&FS) group and is awaiting its resolution as per the Resolution Framework approved by the Hon'ble National Company Law Appellant Tribunal (NCLAT), Mumbai. As part of requisite processes, the Committee of Creditors, comprising all financial creditors have consented for resolution of the Company. Due to ongoing resolution process, the Company is not able to bid for new projects except taking up projects on back-to back basis to meet out the fixed overheads with an overall objective of maintaining the going concern status as per Orders of Hon'ble NCLT.