Reliance Infrastructure share price rallies 5%; company bags Rs 441 crore EPC contract from government
Reliance Infrastructure share price: The project will reduce several sharp bends and steep gradients thus avoiding traffic jams and accidents. This will significantly ease the commute of Mumbai-Goa and Mumbai-Bengaluru motorists from Raigad to Ratnagiri in Maharashtra, the statement said.
Reliance Infrastructure share price surged nearly 5 per cent on Monday after the company won an engineering, procurement and construction (EPC) contract for Rs 441 crore from the Ministry of Road Transport and Highways for the upgrading of National Highway 66 in the Kashedi Ghat section which includes execution of three by three lane twin tunnels of total length 3.44 km, a company statement said here on Monday.
Reacting to the news, the stock gained as much as 4.89 per cent to Rs 447.65 on the BSE.
Commissioned under the National Highway Development Programme (NHDP) - IV of the Ministry, the project is to be completed in 30 months. Thereafter, Reliance JV will operate and maintain the project for 48 months. Reliance Infrastructure had bid for the project in joint venture with CAI, Ukraine.
In addition to the twin tunnels, the contract also includes construction of a highway with paved shoulders and viaducts for a length of 7.2 km.
"This project involving twin tunnels will add to our existing credentials of executing complex projects in record time and at competitive cost. We will leverage our experience of execution of large infrastructure road projects," said Arun Gupta, CEO, Reliance Infrastructure Limited, EPC.
The project will reduce several sharp bends and steep gradients thus avoiding traffic jams and accidents. This will significantly ease the commute of Mumbai-Goa and Mumbai-Bengaluru motorists from Raigad to Ratnagiri in Maharashtra, the statement said.
With the focus to position itself in India's growing infrastructure sector, and a multitude of projects in the offing in areas as diverse as power, metro rails, nuclear power plants, air quality control, marine, railways, ports, and mega infrastructure projects, Reliance Infrastructure Limited is targeting EPC opportunities worth Rs 2 lakh crore and increase the EPC order book to Rs 50,000 crore by FY19.