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Last Updated : Jun 21, 2019 01:49 PM IST | Source: Moneycontrol.com

Nila Infrastructures gains 5% on order from government of Gujarat

The company has also agreed to develop 80 DU towards creation of additional Affordable Housing (AH) stock as premium to AMC.

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Share price of Nila Infrastructures added 5.6 percent intraday Friday after company received order from government of Gujarat.

The company received an order for development of integrated group housing facility at Sonaria Block, Rakhiyal-Asarwa, Ahmedabad on PPP Basis under Redevelopment of Public Housing Scheme – 2016 of Urban Development & Urban Housing Department, Government of Gujarat.

Ahmedabad Municipal Corporation (AMC) has estimated such development to cost Rs 585.9 million and it is to be executed within 24 months.

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The company has also agreed to develop 80 DU towards creation of additional Affordable Housing (AH) stock as premium to AMC.

Deep Vadodaria, COO of Nila Infra said, "We are glad to secure the very first order issued by AMC under “Redevelopment of Public Housing Scheme – 2016”. With this, we further our quest to be the first-mover in the uncharted territories. The existing scheme, housing 760 DU, was built by AMC on its land before about six decades as its employee-residential-colony."

At 13:43 hrs Nila Infrastructures was quoting at Rs 6.90, up Rs 0.37, or 5.67 percent on the BSE.
First Published on Jun 21, 2019 01:49 pm
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