### **Overview** G R Infraprojects Ltd (GRIL) is a leading Indian integrated engineering, procurement, and construction (EPC) infrastructure company with nearly **three decades of experience** since its founding in 1995. The company has evolved into a multi-sector infrastructure solutions provider, executing complex projects across **roads, highways, railways, metro, power transmission, tunnels, ropeways, and urban infrastructure**. With a proven track record of timely project delivery and strong in-house capabilities, GRIL is strategically diversifying to reduce sectoral concentration and position itself as a next-generation infrastructure player. --- ### **Leadership & Governance** - **Leadership Transition (Nov 2025):** Mr. **Ajendra Kumar Agarwal**, co-founder and long-serving Chairman & Whole-time Director, resigned effective immediately due to health reasons. He played a pivotal role in the company's evolution from its inception in 1995 and contributed significantly to its rise as a top-tier infrastructure developer. - **Core Leadership:** Mr. **Vinod Kumar Agarwal**, another promoter with over two decades of experience, continues to lead strategic planning and government liaison. The leadership team brings deep sector expertise and is recognized through roles such as the Presidency of the National Highways Builders Federation. --- ### **Project Portfolio & Order Book** - **Total Order Book (as of Mar 31, 2025):** ₹19,179.90 crores + ₹5,166.30 crores (L1 / lowest bidder stage) **Total potential order book: ~₹24,346 crores** - **EPC Order Book (Nov 2025):** Approximately ₹6,000 crores - **Ropeway Order Book (Aug 2025):** ₹258.07 crores; current revenue contribution: **0.07%**, but viewed as a high-potential, low-competition segment. - **Recent Key Wins:** - Metro project in **Nagpur (₹7,657 crores)** - **Aligarh-Kanpur HAM** highway - **Madanapalli-Pileru** and **Anjar-Bhuj** highway projects - **Power transmission BOOT projects** in Rajasthan, Karnataka, and Chhattisgarh - **Order Inflow Target (FY26):** ₹20,000–21,000 crores - ₹11,500 crores from highways - Balance: railways, metro, power transmission, tunnels, ropeways, telecom, and logistics - **Revenue Diversification Goal:** Management targets **₹5,000–7,000 crores** of FY26 order inflows from **non-road sectors**, shifting from historical ~90-95% road dependency. --- ### **Operations & Execution** - **Project Execution Models:** GRIL operates across **EPC, BOT, HAM, DBFOT, and BOOT** models, adapting to project-specific risk-return profiles. - **Geographic Presence:** Active in **23 Indian states**, with projects in northern, central, western, and southern India. Geographical diversification helps mitigate regional concentration risk. - **Execution Strengths:** - In-house design and engineering - Centralized procurement & logistics - Dedicated project management team - Over **10,900 employees** - Fleet of **8,000+ equipment and machinery units** - **Technology & Digitalization:** - Adoption of **AI, IoT, drones, and facial recognition** for site safety and monitoring - **RISE with SAP** ERP platform for real-time visibility via BI dashboards - In-house IT team develops digital tools for workforce, material, and quality tracking --- ### **Manufacturing & Backward Integration** GRIL maintains a competitive edge through **fully integrated operations**, reducing dependency on vendors: - 8 **manufacturing & fabrication units** in Udaipur, Guwahati, Sandila, Ahmedabad - Capabilities include: - Bitumen emulsion / PMB: **30,000 MT/year** - Thermoplastic paint, road signage, caution tapes - Metal crash barriers, GFRP components, electrical poles - State-of-the-art automated emulsion plant with in-line pilot and testing lab - **Fleet of GPS-tracked owned tankers** ensures timely delivery and quality control --- ### **Power Transmission Segment** - Provides end-to-end **T&D solutions** (transmission lines, substations, networks) - **USD 250 million in assets under development** under **BOOT model (35-year O&M)** - **Active BOOT Project Example (Aug 2025):** - 220 kV bus section, reactor, 3x500 MVA ICT augmentation + 3 RE interconnection lines - Construction period: 24 months - Annual transmission charges: ₹3,670.73 million - Strategic expansion into hydro-based power transmission and greenfield T&D infrastructure --- ### **Monetization & Capital Recycling** - **Indus Infra Trust (formerly Bharat Highways InvIT):** - GRIL holds **43.56% stake** (associate company) - **7 operational HAM projects** transferred to InvIT, recycling capital and improving balance sheet flexibility - Part of broader monetization strategy targeting **BOT and HAM assets** - **Future Plans:** Explore **further asset transfers** and evaluate **InvIT IPO** and third-party asset acquisitions - **Strategic Vision:** Transition toward a **project developer and manager model**, with reduced balance sheet burden from long-gestation assets --- ### **Subsidiaries & Affiliates** - **Wholly Owned Subsidiaries (100%):** - GR Kasganj Bypass Pvt. Ltd. - GR Tarakote Sanjichhat Ropeway Pvt. Ltd. - Pachora Power Transmission Ltd. - Tumkur-II REZ Power Transmission Ltd. - Bijapur REZ Transmission Ltd. - **Associate Company:** - **Indus Infra Trust (43.56% equity stake)** – a listed InvIT focused on highways - These entities reflect strategic expansion into **ropeways, power transmission, and infrastructure investment trusts**. --- ### **Joint Ventures** - **Ravi Infra - GRIL - Shivakriti JV (10% stake)** - **GRIL - Cobra - KIEL JV (51% stake):** Dholpur-Antri Railway Project - **GRIL - Cobra - KIEL JV (67% stake):** Vijayawada – SC Railway Project - Strategic use of JVs to manage risk and scale operations in complex railway works