Infrastructure developer GVK Power & Infrastructure Ltd. said its wholly-owned subsidiary GVK Transportation Pvt. Ltd. had bagged orders worth Rs.4,000 crore for four-laning of the Shivpuri-Dewas section of the National Highway-3 in Madhya Pradesh from the National Highways Authority of India or NHAI.
The Hyderabad-based company said the 332 kilometer-long project would be executed on design, build, finance, operate and transfer basis under the National Highways Development Program (Phase IV) of the NHAI.
Chairman G.V. Krishna Reddy said, "The winning of this major road project marks yet another milestone for us. With this new project, we will develop one of the busiest highways, to meet the growing road transport needs in the Central and Northern regions of the country."
The project entails widening and strengthening of the 332-kilometer two-lane highway into four-lane. Concession period for the project is 30 years including a construction period of 2.5 years, the company said, adding, the letter of award was received from NHAI and concession agreement would be signed shortly.
The project is one of India's major National Highways (commonly referred to as Mumbai-Agra highway), and a vital trade corridor connecting Western/Central India to Northern India.
"The project passes entirely through Madhya Pradesh carrying predominantly long distance freight traffic and is expected to offer high growth potential for commercial traffic," Reddy said.
GVK has in the past implemented India's first six-lane toll road project, a 90-kilometer stretch between Jaipur and Kishangarh on NH-8 forming part of NHAI's Golden Quadrilateral program and is currently developing two toll road projects.
As on date, the company has a portfolio of four toll road projects of over 600 kilometers, it said.
The company reported a consolidated net profit of Rs.155 crore on total revenues of Rs.1,943 crore for the fiscal year ended March 31, 2011.
At the BSE, GVK Power & Infrastructure shares are being traded at Rs.15.35, up by Rs.0.15 or 0.97 percent on a volume of 999,000 shares.
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