GVK Power arm bags Rs 850 cr Rajasthan highway contract

GVK Power & Infrastructure today said its subsidiary has bagged a Rs 850 crore contract for building a highway in Rajasthan.

GVK Developmental Projects Pvt Ltd, a wholly owned subsidiary of the company, has won the bid for four-laning a portion of the national highway, GVK Power & Infrastructure said in a filing to the Bombay Stock Exchange (BSE).

GVK Power & Infrastructure had acquired GVK Developmental Projects in May, 2008.

The project would be implemented by GVK Deoli Kota Expressway, which has been incorporated as a special purpose vehicle (concessionaire). An agreement was signed with the National Highways Authority of India for the project on May 17, it said.

The four-laning begins from the junction of National Highway No. 76 on the Kota Bypass on the Deoli-Kota Section of National Highway No. 12 in Rajasthan, it said.

The Rs 850 crore project will be implemented on a build, operate and transfer (BOT) basis under the Phase-III National Highways Development Programme, it said.

Shares of the company closed today at Rs 42.90, down 0.46 per cent from the previous close on the BSE.