Gayatri Projects up 3% as JV wins Rs 1363 cr irrigation contract

Shares of Gayatri Projects advanced 3 percent intraday Wednesday as it has secured a contract worth Rs 1363 crore.The company in joint venture with RNS Infrastructure and Sadguru Infratech has secured Rs 1363 crore irrigation contract from Executive Engineer, Karnataka Neeravari Nigama. The project entails the execution of a lift irrigation system to provide irrigation for an area of 27,462 Hectares.The contract also involves operations and maintenance of the system for 5 years after commissioning.The said contract is to be executed on a lump sum turn-key basis, under the EPC mode, which does not require any investment from the company.TV Sandeep Reddy, MD of Gayatri Projects in an interview with CNBC-TV18 said, “The company has 70 percent share in the joint venture and most of the work will be executed by the company. It will start booking revenue from Q1FY18. Currently the company has orderbook of Rs 13,000 crore."At 12:15 hrs Gayatri Projects was quoting at Rs 140.95, up Rs 2.20, or 1.59 percent on the BSE.Posted by Rakesh Patil