GMR Infrastructure, the infrastructure holding company of GMR group, has won construction package of rail line doubling between Jhansi and Bhimsen stations in the State of Uttar Pradesh, India. The total contract is valued at approximately Rs 2.67 billion of which GMR's share of work is about Rs 1.35 billion.
The work includes construction of roadbed, major & minor bridges, track linking, outdoor S&T works, OHE, TSS and general electrical works from Jhansi to Erich Road.
GMR is the lead member of the consortium with Tata projects and Kalindee Rail Nirman as the partner for OHE and Track works, S&T works respectively. The project is scheduled to commence from Apr. 2, 2014 and duration for completion of the project is 42 months.
Rail Vikas Nigam has issued the letter of award to GMR consortium on Feb. 20, 2014.
Arun Kumar Sharma, CEO GMR Urban Infrastructure & Highways expressed, ''As a part of our Asset Light strategy, we are very happy to announce our first foray into the very promising railway construction sector. This win reflects our long term vision of building our EPC expertise in a niche segment like Railways, and will pave the way for similar projects in future.''
Shares of the company gained Rs 0.2, or 0.98%, to trade at Rs 20.60. The total volume of shares traded was 53,035 at the BSE (9.51 a.m., Tuesday).