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GMR Shares Jump 3% After Bagging Orders For Eastern Freight Corridor
Shares in GMR jumped 3 per cent, following reports that the company led consortium, has been awarded two more packages on the long Eastern Dedicated Freight Corridor.
The shares were last trading at Rs 11.20 on the NSE.
"The consortium has been issued a Letter of Award for construction of 221-km long Eastern Dedicated Freight Corridor railway project at a cost of Rs 2,280.70 crore on EPC (engineering, procurement and construction basis," the company said in a statement.
GMR Group is not required to provide significant investment for the project since it is implemented on EPC basis, it said.
Earlier in April 2016, GMR led consortium emerged as the successful bidder amongst a total of six bidders for the project through an international competitive bidding process.
The project funded by World Bank is divided into two packages. The first package comprises 175 km single line connecting Sahnewal and Pilkhani that passes through Uttar Pradesh, Haryana and Punjab. The other package is a 46 km double line corridor in Uttar Pradesh connecting Dadri and Khurja.
"The scope of work in the recently bagged project involves design and construction of civil, structures and track works for single/double Line on Design-Build Lump Sum Basis," it said.
A GIL spokesperson said: "Awarding of another project in Eastern Dedicated Freight Corridor highlight the capabilities of GMR Infrastructure in executing large scale projects... Both the packages under the project are expected to be completed in 44 and 36 months respectively."
The GMR stock may continue to gain momentum, as it has been languishing for a long time now.
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