Hyd flyover collapse claims 4 lives

Excerpts from Markets Midday on CNBC-TV18 Watch the full show » Gammon India BSE | NSE 09/02/12 Are Mutual Funds betting on Gammon India?

4 people lost their lives last night when a flyover under construction in Hyderabad collapsed. The state government has set up a high-level inquiry committee, which will submit its report in three days. An FIR has been filed against Gammon India, the contractors for the project.

 

 

8 segments of the flyover in Hyderabad collapsed last night. Gammon India the contactor for the Rs 29 crore flyover was scheduled to complete the flyover in February this year but had to revise that deadline to November. Sources say the delay was on account of the bridge being re-aligned thrice since the start of construction.

 

Two months ago the CM's office served Gammon India a show cause notice, threatening to blacklist them if they didn't pick up the pace of construction. An FIR has been filed against Gammon India and chief minister YSR Reddy has setup an enquiry panel which is expected to submit its report in the next 3 days

 

"We will take action against whoever is at fault, be it our engineers, the consultants or the contractors only after we get the technical report" says CVSK Sarma, GHMC Commissioner

 

Gammon India has refused to comment on the issue. The company holds contracts for 2 other flyovers and 2 irrigation projects in the state worth about Rs 600 crore, the fate of which will depend on the report submitted by investigators. While the blame game has begun, one will have to wait for another 72 hours for the final verdict.