G R Infraprojects Ltd

Concession for MMLP Varanasi project

• Subsidiary Fourwrd MMLP Varanasi Private Limited signed concession with Varanasi MMLP Limited on 15 Oct 2026.
• Project scope: Development, Operation and Maintenance of MMLP Varanasi under PPP DBFOT.
• Contract value: Rs 91.60 crores (excluding GST).
• Construction period: 1 year from Appointed Date; Concession period: 45 years from appointed date.
• Mode: DBFOT – Design, Build, Finance, Operate and Transfer.

SMP categorisation

• Board approved categorisation of Archit Agarwal as Senior Management Personnel, effective 14 Oct 2026.
• Board approved categorisation of Bharat Bhushan Aggarwal as Senior Management Personnel, effective 14 Oct 2026.
• Archit Agarwal remains Business Unit Head - Tunnels and Hydro.
• Bharat Bhushan Aggarwal remains President - HR, Administration & Corporate Communication.
• Term of appointment not applicable; SMP status aligns with full-time employment.

G R Infraprojects Ltd trading window closed from 01 October 2026 till 48 hours after the declaration/announcement of the Financial Results for the quarter ending 30 September 2026.

Filing Status

• GR Infraprojects filed a writ petition against an August 25, 2026 GST show cause notice.
• Proceedings are pending before the Madhya Pradesh High Court, Indore.
• Annexure-A discloses the status under Regulation 30 of SEBI LODR.

Appointment and project scope

• Appointed Date for the project: 7 September 2026; NHAI letter dated 18 September 2026.
• Project scope: Agra-Gwalior Greenfield Road, 6-lane, DBFOT BOT Toll.
• Section-1 covers Deori to Susera across UP, Rajasthan, MP.
• Section-2 overlays on NH-44 from 1058.00 to 1148.00.
• Estimated project cost: INR 4,262.78 crore (GST-inclusive).
• Timeline: 910 days from Appointed Date for completion.
• Mode: DBFOT at BOT Toll under NH(O) scheme.

Event details

• NTPC invoked mobilization advance bank guarantee of Rs 49,52,59,040.
• Three insurance performance bonds totalling Rs 41,33,70,998 were invoked.
• Total encashment exposure equals Rs 90,86,30,038.
• Communication received on 17 September 2026.
• Company terminated related contracts on 15 September 2026.
• Impact limited to encashed amounts; no material disruption to operations.

EPC termination with NTPC for Mouda BESS

• GR Infraprojects terminated EPC agreements for Mouda BESS with NTPC, effective immediately.
• Reason cited: ongoing force majeure, war risk, and contractual issues; disputes invoked.
• Financial impact of termination is currently being assessed.
• Execution date of the contracts was 23 April 2026.
• Parties to the contracts are GR Infraprojects Limited and NTPC Limited.

GST Show Cause Notice

• GR Infraprojects received GST DRC-01 show-cause notice dated Aug 25, 2026.
• Tax period April 2020 to March 2021; proposed demand Rs 321.60 crore; response being prepared.

Litigation status update

• subsidiary Nagaur Mukundgarh Highways Private Limited filed writ petitions challenging GST on annuity payments.
• High Court dismissed the petitions on August 17, 2026.
• Aggregate amount involved is approximately ₹69.79 crore.
• Company evaluating appropriate legal remedies with its advisors.

LOA for MMLP Varanasi project

• LOA dated 13 August 2026 from Varanasi MMLP Limited for MMLP Varanasi PPP.
• Contract value Rs 91.60 crores.
• Awarded under DBFOT model (Design, Build, Finance, Operate, Transfer).
• Construction period 1 year from appointed date; concession period 45 years.
• Awarding entity domestic: Varanasi MMLP Limited.
• No promoter/promoter group interest in awarding entity.
• Not a related party transaction.
• Company will update on further developments.