Gayatri Projects (GPL), an infrastructure company, has bagged a contract worth Rs 12.55 billion highway contract in joint venture with Russian construction company PTPS.

This contract is for the four laning of Angul-Sambalpur section of NH-42 (New NH No. 55) Km.112.000 to Km. 265.000 in the state of Odisha under NHDP-IV on EPC mode.

The contract is to be executed on an EPC (engineering, procurement & construction) basis, which is in line with the management's decision to maintain an asset-light model. This contract-win is also a strong signal of the management commitment to capitalize on the growing EPC opportunities, and comes on the heels of several new projects from a wide set of industries, ranging from National highways, to water distribution and underground mining.

In the last 18 months, the company's order book has more than doubled to over Rs. 10,000 a-ores on a robust inflow of orders, all of which have been through the EPC model.

Shares of the company gained Rs 9.45, or 1.4%, to trade at  Rs 685.00.  The total volume of shares traded  was  14,474 at the BSE (12.22 p.m., Friday).