Gammon Infra bags Rs 778 cr contract from NHAI in Odisha

A report from Business Standard

Gammon Infrastructure Projects today said it has bagged a Rs 778.15 crore project from National Highways Authority of India (NHAI) for upgrading a section of NH-23 in Orissa.

"The company has received the letter of award for the rehabilitation and upgradation of Birmitrapur to Barkote section of NH-23 in Orissa," Gammon Infrastructure Projects (GIPL) said in a filing to the Bombay Stock Exchange (BSE).

The award for upgrading about 125 km stretch was received under the National Highways Development Project (NHDP) phase IV.

The project will be implemented on design, build, finance, operate and transfer (DBFOT) mode on BOT toll basis.

"The project cost as estimated by NHAI, is Rs 778.15 crore. The company will receive a grant of Rs 311 crore during the construction period of the project," it said.

The concession period of the project is 23 years, including a construction period of 2.5 years.

Shares of GIPL today closed at Rs 15.60 apiece, up 4.70% over their previous close on the BSE.