Harig Infra Projects Limited is an Indian listed entity currently undergoing a fundamental structural and strategic transformation. After over a decade of operational suspension and financial distress, the company successfully emerged from the **Corporate Insolvency Resolution Process (CIRP)** in **April 2024**. Under the new leadership of the **GreatValue Group**, the company is pivoting from its legacy auto-ancillary business toward a high-growth trajectory in **Real Estate, Infrastructure, and Logistics**. --- ### **Strategic Pivot: From Auto-Ancillaries to Infrastructure** The company has officially abandoned its legacy operations to focus on the real estate and civil engineering sectors. This shift was formalized through an amendment to the **Memorandum of Association (MoA)** in **July 2025**. * **Name Change:** In **December 2025**, the Board approved the transition from **Harig Crankshafts Limited** to **Harig Infra Projects Limited** to align its corporate identity with its new business objectives. * **Asset Monetization:** A **Techno-Economic Viability (TEV)** study concluded that the company’s legacy machinery was obsolete. Consequently, the company received member approval in **December 2024** to sell its undertaking at **C-49, Noida Phase-II** (land, building, and plant & machinery) for a consideration not exceeding **₹79 crores**. * **Inorganic Growth Strategy:** In **March 2026**, the Board granted in-principal approval for the **Amalgamation of Ayushman Infratech Limited** into the company. This merger is intended to provide immediate scale and operational capabilities in the infrastructure sector. --- ### **Ownership, Governance & Group Synergy** The company is now a subsidiary of the **GreatValue Group**, a diversified conglomerate with established interests in food processing, packaging, and infrastructure. | Feature | Details | | :--- | :--- | | **Major Shareholder** | **Palika Towns LLP** (holds **95.00%** stake) | | **Promoter / CMD** | **Mr. Manoj Agarwal** | | **Key Management** | **Mr. Payas Agarwal (CFO)**, **Ms. Ayushi Gupta (CS)** | | **ISIN** | **INE905C01034** | | **Shareholding Status** | **100%** of equity shares (**1,05,00,000 shares**) are dematerialized | **Compliance Note:** To meet SEBI’s **Minimum Public Shareholding (MPS)** norms, the promoter is committed to reducing their holding from **95%** to **75%** within a **3-year** window. --- ### **NCLT Resolution & Capital Restructuring** The company’s solvency was restored via a Resolution Plan submitted by **Palika Towns LLP**, approved by the **NCLT (Allahabad Bench)** on **April 17, 2024**. * **Equity Overhaul:** The pre-existing promoter and public shareholding were extinguished/written down. The company issued **1,05,00,000** new equity shares at **Rs. 10** each. * **Capital Consolidation:** Authorized share capital was consolidated from **50,00,00,000** shares of **Re. 1** to **5,00,00,000** shares of **Rs. 10**. * **Debt Settlement:** The Resolution Applicant (RA) infused/arranged **₹78.41 Crores** to settle obligations. This includes a **₹65.435 Crore loan** at **12% p.a.** and **₹3 Crores** in unsecured working capital loans. * **Borrowing Powers:** The Board has approved a borrowing limit of up to **₹100 crores** to fund future infrastructure projects. --- ### **Financial Position & Recovery Metrics** The financial statements for **FY 2024-25** reflect massive one-time adjustments necessitated by the implementation of the NCLT-approved plan. **Key Financial Adjustments (FY 2024-25):** * **Gain on Derecognition of Liabilities:** **₹10,64,078.83** (in hundreds) recognized as a gain in P&L. * **Impairment of Assets:** **₹16,44,399.50** (in hundreds) recognized for Property, Plant & Equipment (PPE) and Capital Work-in-Progress (CWIP) to reflect Fair Market Value. * **Cash Losses:** The company reported significant cash losses of **₹42,95,647.63** (in hundreds) during the transition year. * **Net Worth:** While currently negative, the company maintains **"Going Concern"** status due to the financial backing and resource infusion from the new promoters. --- ### **Operational Infrastructure & Real Estate Assets** The company’s primary physical footprint is centered in a strategic industrial hub in Uttar Pradesh. * **Primary Site:** **C-49, Noida Phase-II**, Noida. * **Total Area:** **22,343.10 sq. meters**. * **Property Status:** Held via **registered lease deeds**; the company does not own freehold immovable property. * **Asset Classification:** Assets with a carrying amount of **₹11,24,027.75** (in hundreds) have been classified as **"Held for Sale"** to facilitate the pivot to new business lines. --- ### **Risk Profile & Investor Considerations** #### **1. Regulatory & Compliance Risks** * **Listing Status:** Trading on the **BSE** is currently **suspended** due to legacy non-compliance and penal reasons. Management is actively pursuing re-listing. * **Audit Qualifications:** Auditors issued a **Disclaimer of Opinion** for **FY 2023-24** due to missing historical records from the pre-CIRP era (2011–2023). * **Taxation:** The company has not filed Income Tax Returns for **AY 2012-13 to 2023-24**. No **Deferred Tax Assets (DTA)** have been recognized due to uncertainty over future taxable profits. #### **2. Market & Sectoral Risks** * **Economic Sensitivity:** The new real estate focus is highly sensitive to **RBI policy rates**, inflation, and global economic growth. * **Project Execution:** The infrastructure sector in India faces systemic risks, including land acquisition hurdles and environmental clearances. As of **March 2024**, the sector saw an average project delay of **36 months**. #### **3. Financial Risks** | Risk Category | Status & Mitigation | | :--- | :--- | | **Liquidity Risk** | High due to borrowings, but mitigated by **Promoter support** and lack of immediate repayment pressure. | | **Interest Rate Risk** | Exposure exists on the **12% p.a.** loan; currently serviced by the promoter group. | | **Commodity/Forex** | **No exposure** reported as of March 2025 due to the current lack of active manufacturing operations. | --- ### **Future Outlook** The investment thesis for Harig Infra Projects Limited rests on its successful **re-birth** as an infrastructure vehicle for the **GreatValue Group**. The immediate roadmap includes: 1. Completing the **₹79 crore** asset sale to generate liquidity. 2. Finalizing the **amalgamation with Ayushman Infratech Limited**. 3. Resolving legacy **SEBI/BSE compliance** issues to resume trading. 4. Leveraging the promoter's real estate expertise to initiate new development projects.