ITD’s 11-Year Success with 213 State Projects, Crane Collapses Raise Concerns

The fiscal year 2018 saw the company win its largest contract total of 42,476.45 million baht, with the main project being the excavation and coal transportation contract at the Mae Moh Mine.

In what can be seen as an unfortunate repetition for Thailand, on January 14, 2026, a crane collapse occurred, causing fatalities and injuries when the crane fell onto a passenger train at a high-speed rail construction site in the Lam Takong-Si Khiew section of Nakhon Ratchasima, with over 30 dead and many more injured.

Then, on January 15, another similar incident occurred when a Launching Gantry Crane used in the construction of the elevated highway project (No. 82) collapsed on Rama 2 Road, hitting cars traveling in the area near the Paris Hotel in Samut Sakhon.

Both incidents involved the same contractor, Italian-Thai Development (ITD), one of Thailand’s top five construction giants, which has a long history in large-scale infrastructure projects. The company has handled contracts worth billions over the years.

However, the exact causes of both incidents remain to be investigated by government agencies.

Many people may not realize that over the past 11 fiscal years (2015-2025), ITD has won at least 213 state procurement projects, including both electronic bidding (e-Bidding) and other selection methods, with a total value of at least 134,677.16 million baht.

Here’s a breakdown of the contracts over the years:

Fiscal Year 2015: 31 projects worth 8,803.54 million baht. The largest project was the construction of the Mae Ngat-Mae Klong Water Tunnel in Chiang Mai, worth 2,334.60 million baht, signed on March 10, 2015.

Fiscal Year 2016: 29 projects worth 6,033.28 million baht. The largest project was the construction of the Bang Pa-In - Saraburi - Nakhon Ratchasima Expressway, worth 1,509.59 million baht, signed on June 20, 2016.

Fiscal Year 2017: 10 projects worth 1,836.65 million baht. The largest project was the construction of the PEA Data Center, worth 622.42 million baht, signed on December 16, 2016.

Fiscal Year 2018: 9 projects worth 42,476.45 million baht. The largest project was the excavation and coal transport at the Mae Moh Mine, worth 41,524.56 million baht, signed on April 2, 2018.

Fiscal Year 2019: 23 projects worth 7,717.85 million baht. The largest project was the construction of the elevated highway on Rama 2 Road in Samut Sakhon, worth 2,491 million baht, signed on August 27, 2019.

Fiscal Year 2020: 21 projects worth 9,776.29 million baht. The largest project was the construction of a flood diversion canal in Phra Nakhon Si Ayutthaya, worth 2,795.30 million baht, signed on July 31, 2020.

Fiscal Year 2021: 19 projects worth 17,751.74 million baht. The largest project was the joint project with the Chinese government to develop a high-speed rail system linking Bangkok to Nong Khai, worth 9,848 million baht, signed on November 26, 2020. This project is the same one where the crane collapse occurred during construction of the high-speed railway in the Lam Takong-Si Khiew section.

Fiscal Year 2022: 19 projects worth 5,421.55 million baht. The largest project was the construction of a second prison hospital, worth 1,725.51 million baht, signed on August 9, 2022.

Fiscal Year 2023: 36 projects worth 12,292.04 million baht. The largest project was the construction of a water treatment plant in Mahasawat, worth 6,070.50 million baht, signed on March 24, 2023.

Fiscal Year 2024: 7 projects worth 19,465.01 million baht. The largest project was the construction of the Chalong Ratch Expressway extension, worth 18,699.93 million baht, signed on August 22, 2024.

Fiscal Year 2025: 9 projects worth 3,102.75 million baht. The largest project was the coastal erosion prevention project in Bang Khun Thian, worth 1,620 million baht, signed on September 29, 2025.

Recent Developments:

As of January 14, 2026, Italian-Thai Development (ITD) has a market value of 1,372.77 million baht on the Stock Exchange of Thailand (SET) and a registered capital of 6,337,920,861 baht. The company’s board includes Chairman Virat Kongmaneerat, CEO Premchai Karnasuta, and board members Thoranis Karnasuta, Peeti Karnasuta, Santi Jongkongka, Phinyo Meechumna, William Lee Zentgraf, and Sai Wah Simon Suen, all of whom serve as independent directors and audit committee members.

According to the latest shareholder data from April 2, 2025, Premchai holds the largest share with 11.90%, followed by Nijaporn Charanachitta with 6.64%. The remaining shares are held by the Karnasuta family and other individuals.

In the most recent financial statement (for the first nine months of 2025), ITD reported total assets of 91,244.28 million baht, total liabilities of 82,020.35 million baht, and a profit of 7,393.75 million baht.

Transport Minister’s Statement on Rama 2 Crane Incident

Transport Minister Phiphat Ratchakitprakarn spoke about the crane collapse that occurred this morning on Rama 2 Road, during an interview on news program. Initially, it was reported that operations for this project were temporarily suspended, although it is still unclear whether operations will halt for good. Phiphat confirmed that ITD was the contractor for this area but expressed uncertainty about what went wrong with the company or if there were any underlying issues.

Phiphat revealed that he had already consulted with the Ministry of Transport's Permanent Secretary and had proposed a nationwide suspension of all elevated highway construction projects, to review safety measures. He emphasized the need for a thorough safety review despite the incident causing significant damage.

Phiphat further stated that he would visit the site in person, and committees would be established to review all aspects of the situation. The Ministry would make an announcement on the next steps following the review, and while the damage is unfortunate, he stressed that it was necessary to take action. ITD would be called in for a discussion, and a new checklist would be examined for compliance.

There has been no information on specific projects that have encountered problems or received complaints for review. Both recent incidents remain under investigation by the relevant government agencies. No charges have been filed against any parties involved, and all individuals are currently considered innocent. The presentation of this information is intended for public interest only.

Phiphat further stated that, while the incident has caused damage, actions will be taken to ensure safety measures are properly reviewed and enforced.