About Nandi Economic Corridor Enterprises Limited.
Data last updated:
Nandi Economic Corridor Enterprises Limited. is a public limited company based in Bangalore, Karnataka, India, a subsidiary of Nandi Infrastructure Corridor Enterprise Limited. It operates in the road and bridge construction segment of the infrastructure and utilities sector. It was incorporated on 17 April 2000 and has been in existence for over 26 years.
The company is registered with the Registrar of Companies (ROC), Bangalore, under CIN U85110KA2000PLC026939. Its GSTIN is 29AABCN2061N1Z8 (Karnataka). The company holds 2 GST registrations, all of them active.
The company has an authorised share capital of ₹749.03 Cr and a paid-up capital of ₹249.05 Cr. It is led by directors including Vikram Manohar Munje and Jayant Kumodchandra Hemade.
Its last annual general meeting (AGM) was held on 11 November 2025, and its latest financial statements are for the year ended 31 March 2024. The registered office is at No.1 Midford House Midford Gardens Off M.G.Road Bangalore, Karnataka, India – 560001.
As per the financials filed for FY 2024, the company reported a revenue of ₹838 Cr, a growth of 31% compared to the previous year. For the same year it recorded a net profit of ₹232.47 Cr (net margin 27.7%) and EBITDA of ₹494.63 Cr (EBITDA margin 59%). Revenue has grown at a compounded annual rate (CAGR) of 40% over three years and 18% over five years.
The company has about 952 employees on its provident fund (EPFO) records.
The company is associated with 2 brands: Nice Limited and NiCE. As per MCA filings, the company has open charges of ₹1,590.45 Cr and satisfied charges of ₹2,794 Cr on record. Court records list 527 cases involving the company, including 96 filed by the company and 431 filed against it; 216 cases are pending. The company has 12 deals on record (7 funding rounds, 5 secondary share transfers), with disclosed funding of ₹722.86 Cr; the latest was in March 2019. Its 7 peer companies in the Infrastructure industry (Roads and Bridges), with the same principal business activity (roads, railways, utility projects) are compared by revenue, 4 larger and 3 smaller; the largest is R K Jain Infra Projects Private Limited with revenue of ₹937.74 Cr. The company has 10 MSME Form 1 returns on record between 2020 and 2024, listing 114 overdue payments to 50 micro and small suppliers.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website nicelimited.com.
Company details
CIN history
Nandi Economic Corridor Enterprises Limited has one previous CIN (Corporate Identification Number): U45202KA2000PLC026939. The current CIN is U85110KA2000PLC026939, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U85110KA2000PLC026939 | Current |
| U45202KA2000PLC026939 | Previous |
Contact details
Nandi Economic Corridor Enterprises Limited.'s registered office is in Bangalore, Karnataka. Its website is nicelimited.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressNo.1 Midford House Midford Gardens Off M.G.Road Bangalore, Karnataka, India – 560001
- IndustryInfrastructure and Utilities, Road & Bridge Construction
To see the full contact details of Nandi Economic Corridor Enterprises Limited., buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Brands
Nandi Economic Corridor Enterprises Limited operates two associated brands: Nice Limited and NiCE. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| E-payment services and corporate office facilities are provided. | nicelimited.com | |
| Provider of branding services | niceltd.com |
Business activity
The main business activity of Nandi Economic Corridor Enterprises Limited is construction. In detail, this covers roads, railways, utility projects and demolition & site preparation, electrical, plumbing & other specialized construction activities. 2 activity segments are registered with the MCA.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| F | Construction | F2 | Roads, railways, Utility projects | |
| F | Construction | F3 | Demolition & site preparation, Electrical, plumbing & other Specialized construction Activities |
To see the full business activity and turnover split of Nandi Economic Corridor Enterprises Limited., buy the company report.
Financials of Nandi Economic Corridor Enterprises Limited.
FY 2024 filings availableNandi Economic Corridor Enterprises Limited. reported revenue of ₹838 Cr (up 31% YoY) for FY 2024.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 18% over five years, including 31% growth in the latest year. EBITDA rose 16% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
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| EBITDA | ₹494.63 Cr | ||||
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| Net Profit (PAT) | ₹232.47 Cr | ||||
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Financial Ratios
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 59% | ||||
| Net Profit Margin | 27.7% | ||||
| Return on Equity (ROE) | |||||
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To see the full financial statements and ratios of Nandi Economic Corridor Enterprises Limited., buy the company report.
Board of directors and KMP of Nandi Economic Corridor Enterprises Limited.
Nandi Economic Corridor Enterprises Limited. currently reports 6 directors and 1 key managerial person. 26 former directors have served the organization.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Balaji Naidu Nayanameni Also directs: Nandi Infrastructure Corridor Enterprise Limited | Company Secretary | 18 Jul 2017 | 9 Years 3 Months | Current |
| Vikram Manohar Munje Also directs: Nandi Infrastructure Corridor Enterprise Limited, Nandi Highway Developers Limited, Agneyastra Energetics Limited and 5 more | Director | 10 Aug 2023 | 3 Years 2 Months | Current |
| Jayant Kumodchandra Hemade | Director | 27 May 2024 | 2 Years 4 Months | Current |
| Bhalchandra Shankar Mitkari Also directs: Nandi Infrastructure Corridor Enterprise Limited, Nandi Highway Developers Limited, BF Utilities Limited and 1 more | Director | 29 Sep 2011 | 15 Years 0 Months | Current |
| Arehalli Subramanyam Basappa Shiva | Director | 10 Nov 2022 | 3 Years 11 Months | Current |
| Deepti Rajeev Puranik Also directs: Nandi Infrastructure Corridor Enterprise Limited, Saarloha Infra Private Limited, DGM Realties Private Limited and 1 more | Director | 04 May 2018 | 8 Years 5 Months | Current |
Peer comparison
Nandi Economic Corridor Enterprises Limited. is compared with the 7 companies closest to it by revenue in the Infrastructure industry (Roads and Bridges), with the same principal business activity (roads, railways, utility projects), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| R K Jain Infra Projects Private Limited | ₹937.74 Cr (FY 2024) | 27.0% | Gurgaon, Haryana, India | |||
| RKD Construction Private Limited | ₹914.66 Cr (FY 2024) | 19.0% | Bhubaneswar, Odisha, India | |||
| Sadbhav Infrastructure Project Limited | ₹877.32 Cr (FY 2024) | -20.0% | Ahmedabad, Gujarat, India | |||
| Shri S. M. Autade Private Limited | ₹867.41 Cr (FY 2025) | -13.0% | Pune, Maharashtra, India | |||
| Nandi Economic Corridor Enterprises Limited.this company | ₹838 Cr (FY 2024) | ₹232.47 Cr | 27.7% | 31.0% | 952 | Bangalore, Karnataka, India |
| Ajwani Infrastructure Private Limited | ₹835.21 Cr (FY 2025) | 59.0% | Pune, Maharashtra, India | |||
| C. S. Infraconstruction Limited | ₹783.56 Cr (FY 2024) | 93.0% | Ballia, Uttar Pradesh, India | |||
| Karan Development Services Pvt Ltd | ₹781.7 Cr (FY 2025) | 111.0% | Gwalior, Madhya Pradesh, India |
To see the full peer comparison of Nandi Economic Corridor Enterprises Limited., buy the company report.
Auditor
Nandi Economic Corridor Enterprises Limited. is audited by Walker chadiok & Co LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Walker chadiok & Co LLP | FY 2023 | 001076N/N50001301076N/N500013 |
Shareholding
The shareholding of Nandi Economic Corridor Enterprises Limited. is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Nandi Economic Corridor Enterprises Limited., buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 04 Oct 2021 | 100499967 | Bank of India | ₹20 Lakh | Open | |
| 06 Feb 2015 | 10550828 | Idbi Trusteeship Services Limited | ₹1,547.25 Cr | Open | |
| 25 May 2004 | 80067427 | The Western India Trustee and Executor Company Limited | ₹43 Cr | Open | |
| 25 Sep 2010 | 10243658 | Idbi Trusteeship Services Limited | ₹1,650 Cr | Satisfied | |
| 04 Dec 2008 | 10133396 | Axis Bank Limited | ₹175 Cr | Satisfied |
To see the full charge records of Nandi Economic Corridor Enterprises Limited., buy the company report.
Total charge records: 8 View all charges
Deals & funding
Nandi Economic Corridor Enterprises Limited. has 12 deals on record (7 funding rounds, 5 secondary share transfers), with disclosed funding of ₹722.86 Cr; the latest was in March 2019.
Deals on record (5 of 12)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Mar 2018 | Secondary share transfer | Undisclosed | Buyer: Reliance Interactive Advisors Private Limited , an individual Seller: Ambani Industries Private Limited , an individual |
| Mar 2017 | Secondary share transfer | Undisclosed | Buyer: Ambani Industries Private Limited Seller: Reliance Interactive Advisors Private Limited |
| Mar 2016 | Secondary share transfer | Undisclosed | Buyer: Reliance Interactive Advisors Private Limited Seller: Ambani Industries Private Limited |
| Mar 2012 | Secondary share transfer | Undisclosed | Buyer: Amnice Mauritius Holdings, Airro (Mauritius) Holdings V Seller: Ambani Industries Private Limited , Peach Blossom Investment Pvt Ltd , Jaypatri Investments Pvt Ltd |
| Sep 2007 | Funding round | ₹12.33 Cr | Investors: Jaypatri Investments Pvt Ltd |
To see the full deal history of Nandi Economic Corridor Enterprises Limited., buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
Nandi Economic Corridor Enterprises Limited. has 527 court cases on record: 96 filed by Nandi Economic Corridor Enterprises Limited, 431 filed against it. 216 cases are pending and 311 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 354 | 307 | 120 |
| District courts | 151 | 105 | 81 |
| Supreme Court | 21 | 19 | 15 |
| NCLT | 1 | 0 | 0 |
Cases on record (5 of 527)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Supreme Court | Court case (3001-Land Acquisition and Requisition : Challenge to land acquisition, lapsing of acquisition, de-reservation, requisition and de-requisition of property and others) | Filed against the company by Karnataka Industrial Areas Development Board and 20 others | Pending |
| Supreme Court | Court case (3002-Land Acquisition and Requisition : Compensation for land acquisition) | Filed by the company against individuals | Pending |
| District court, RAMANAGARA, Karnataka | Civil suit | Filed against the company by Nandi Infrastructure Corridor Enterprise Limited, Represented by Its Signatory Mr A Rudragoud | Pending |
| District court, BENGALURU, Karnataka | Civil suit | Filed against the company by Nandi Infrastructure Corridor Enterprise Ltd | Pending |
| District court, South East, Delhi | Criminal case | Filed by the company against XZ Technologies Pvt Ltd and 1 other | Disposed |
To see the full case history of Nandi Economic Corridor Enterprises Limited., buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
Credit ratings & regulatory alerts
Nandi Economic Corridor Enterprises Limited. was last rated by Care on 19 Jul 2022.
| Rating agency | Rated on | Rating |
|---|---|---|
| Care | 19 Jul 2022 |
To see the full credit ratings and regulatory alerts of Nandi Economic Corridor Enterprises Limited., buy the company report.
MSME payment delays
Nandi Economic Corridor Enterprises Limited. has 10 MSME Form 1 returns on record between 2020 and 2024, listing 114 overdue payments to 50 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 50)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Chandan Metal Corporation | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| National Analytical Laboratories & Research Center |
To see the full MSME payment records of Nandi Economic Corridor Enterprises Limited., buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Nandi Economic Corridor Enterprises Limited. has a workforce of 952 employees on its EPFO records as of Apr 07, 2024, across 1 active EPFO establishment.
GST
Nandi Economic Corridor Enterprises Limited has 2 GST registrations: 2 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 29AABCN2061N1Z8 | Karnataka | Active | 01 Jul 2017 |
| 29AAACN4568K1ZZ | Karnataka | Active | 21 Dec 2017 |
To see the full GST registrations and return filing status of Nandi Economic Corridor Enterprises Limited., buy the company report.
Recent activity
Nandi Economic Corridor Enterprises Limited. has 32 board changes on record since 2010: 7 appointments and 25 cessations. The latest: Ashok Kumar Kheny was appointed as Director on 12 Jan 2026.
41 earlier events are in the company report.
Frequently asked questions
Nandi Economic Corridor Enterprises Limited is an active public limited company based in Bangalore, Karnataka, India. The company works in road and bridge construction, within the infrastructure and utilities industry. It was incorporated on 17 April 2000 (26+ years old) and is registered under CIN U85110KA2000PLC026939.
Nandi Economic Corridor Enterprises Limited has 7 current directors and KMP:
- Vikram Manohar Munje - Director
- Jayant Kumodchandra Hemade - Director
- Bhalchandra Shankar Mitkari - Director
- Arehalli Subramanyam Basappa Shiva - Director
- Deepti Rajeev Puranik - Director
- Ashok Kumar Kheny - Director
- Balaji Naidu Nayanameni - Company Secretary
The latest financial statements of Nandi Economic Corridor Enterprises Limited on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 11 November 2025. Year-wise statements from 2015 are in the company report.
The GSTIN of Nandi Economic Corridor Enterprises Limited is 29AABCN2061N1Z8, registered in Karnataka. The company has 2 GST registrations in all, of which 2 are active. Other active GSTINs include 29AAACN4568K1ZZ (Karnataka).
The CIN (Corporate Identification Number) of Nandi Economic Corridor Enterprises Limited is U85110KA2000PLC026939. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Nandi Economic Corridor Enterprises Limited has 527 court cases on record: 96 filed by the company and 431 filed against it. 216 are pending. Most are in the high courts.
Nandi Economic Corridor Enterprises Limited was incorporated on 17 April 2000, making it 26+ years old. It is registered with the Registrar of Companies, Bangalore.
Nandi Economic Corridor Enterprises Limited has 12 deals on record (7 funding rounds, 5 secondary share transfers), with disclosed funding of ₹722.86 Cr; the latest was in March 2019.
The peers of Nandi Economic Corridor Enterprises Limited by revenue are R K Jain Infra Projects Private Limited, RKD Construction Private Limited, Sadbhav Infrastructure Project Limited, Shri S. M. Autade Private Limited, Ajwani Infrastructure Private Limited and 2 more, all in the Infrastructure industry (Roads and Bridges), with the same principal business activity (roads, railways, utility projects).
Ashok Kumar Kheny was appointed as Director on 12 Jan 2026. Ashok Kumar Kheny ceased to be Managing Director on 27 Nov 2025. Jayant Kumodchandra Hemade ceased to be Additional Director on 29 Nov 2024. Nandi Economic Corridor Enterprises Limited has 32 board changes on record in total.
Nandi Economic Corridor Enterprises Limited has 10 MSME Form 1 returns on record between 2020 and 2024, listing 114 overdue payments to 50 micro and small suppliers. The latest return was filed on 20 Apr 2024.
Nandi Economic Corridor Enterprises Limited can be reached through the website nicelimited.com. Its registered office is in Bangalore, Karnataka, India.