In a filing to the Bombay Stock Exchange, an infrastructure firm said, “The company has secured a Rs 1,255 crore highway contract in a joint venture with Russian construction company PTPS.”
It has secured this contract from National Highway Authority of India (NHAI) for rehabilitation and up-gradation to 4-laning of Angul-Sambalpur section of NH-42 (New NH No. 55) Km 112.00 to Km 265.00 in the state of Odisha under NHDP-IV on EPC Mode.
Further, 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, it added.
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.
Meanwhile, shares of the company closed at Rs 686.70 apiece, up 1.65 per cent, from previous close on BSE.