Moneycontrol Bureau
Shares of GMR Infrastructure gained nearly 3 percent on Tuesday after the company won its first railway project.
"A consortium led by GMR Infrastructure has won construction package of rail line doubling between Jhansi and Bhimsen stations in the State of Uttar Pradesh, India. The total contract is valued at approximately Rs 267 crore of which GMR’s share of work is about Rs 135 crore," the company said in its filing.
The work includes construction of roadbed, major & minor bridges, track linking, outdoor S&T Works, OHE, TSS & General Electrical works from Jhansi to Erich road.
GMR is the lead member of the consortium with Tata Projects and Kalindee Rail Nirman as the partner for OHE and track works, S&T works respectively.
The project is scheduled to commence from April 2, 2014 and duration for completion of the project is 42 months.
"As a part of our asset light strategy, we are very happy to announce first foray into the very promising railway construction sector," Arun Kumar Sharma, CEO GMR Urban Infrastructure & Highways said.
At 13:02 hrs GMR Infrastructure was quoting at Rs 20.95, up Rs 0.55, or 2.70 percent.
Posted by Sunil Shankar Matkar
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