Success History Of Era Infra
Since its inception in 1986, Era Infra has consistently evolved, becoming a prominent player in the construction and real estate sector. From pioneering landmark projects to achieving remarkable growth, the company continues to shape skylines and deliver excellence through 2024.
Foundation & Early Growth
Era infra engineering(EIEL),incorporated in September 1990,rapidly emerged as a significant player in Indian Construction and Infrastructure sector.
Expansion & Public Listing
Profit in the year of corporation and went ahead with formation of JV’s to bid for Government projects after achieving the required credentials and bagged order from NDDB Company also went public and was successfully listed on the Mumbai, Delhi, and Ahmedabad Stock Exchanges.
Entry into Power & Aviation Sectors
Awarded “MA” rating which indicated adequate safety for fixed seposit by ICRA in 1996
The company continued its upward trajectory, securing contracts from Power Grid Corporation of India and Airport Authority of India for the Indore Airport runway expansion.
1999 marked a milestone year, as ECIL was awarded its first mega power plant project and earned the prestigious ISO certification.
Strengthening Industry Leadership
Era Constructions (India) Ltd. (ECIL)got upgraded to Era Infra Engineering Ltd (EIEL).
Building on its success, EIEL secured another power project from NTPC Ltd. in 2001.
The company further solidified its quality standards by obtaining the ISO 9001:2000 Certification in 2003
.In 2005, EIEL won additional contracts from NTPC Ltd. and the Airport Authority of India, reinforcing its position as a key player in infrastructure development.
Global Recognition & Diversification
In 2006, EIEL. issued Global Depository Receipts (GDRs) and was listed on the Luxembourg Stock Exchange. It also became a part of the National Stock Exchange (NSE).
Expanding its footprint, EIEL L entered the highway and railway sectors, securing its first BOT project with NHAI and acquiring six major railway projects.
Infrastructure Expansion
During this period, EIEL won major projects under NHDP & AAI, further strengthening its role in India’s infrastructure development. (More details to be added.)
Overcoming Financial Turmoil
Era Infra Engineering Limited (EIEL)
faced significant financial challenges between 2018 and 2023. Delays in land acquisition, client payments, drawing approvals, and material shortages disrupted cash flow and liquidity, leading to substantial losses.
Starting in FY 2011-12, EIEL encountered financial difficulties due to project delays beyond its control. These issues intensified, leading to the initiation of the CIRP in
2018. The global COVID-19 pandemic further complicated matters disrupting markets and economies worldwide..
Despite these obstacles, EIEL persevered and initiated arbitration proceedings to
recover these losses. In 2018, the National Company Law Tribunal (NCLT) began
the Corporate Insolvency Resolution Process (CIRP) for EIEL after an application by
Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code (IBC).
The CIRP extended beyond the initial 330 days, with the NCLT granting extensions
to facilitate resolution.
In June 2024, the NCLT approved a resolution plan for EIEL, marking a pivotal
moment for the company in 2024.