RInfra gains as SPV commences road project in Rajasthan

Reliance Infrastructure rose 2.57% to Rs 396.40 at 11:44 IST on BSE after the company through its special purpose vehicle, today, 23 July 2013, announced the commencement of its ninth road project from Jaipur to Reengus in Rajasthan.

The announcement was made during trading hours today, 23 July 2013.

Meanwhile, the S&P BSE Sensex was up 159.44 points or 0.79% at 20,318.56.

On BSE, 2.31 lakh shares were traded in the counter as against average daily volume of 7 lakh shares in the past one quarter.

The stock hit a high of Rs 397 and a low of Rs 388.20 so far during the day.

Reliance Infrastructure (RInfra) through its special purpose vehicle (SPV) JR Toll Road, today, 23 July 2013, announced the commencement of its ninth road project from Jaipur to Reengus in Rajasthan. The four laning of the 52 km Jaipur Reengus (JR) road has been completed and toll collection has started. The Rs 556 crore project has been executed on DBFOT (design, build, operate, finance and transfer) pattern under the aegis of National Highways Authority of India (NHAI). RInfra has been awarded the contract for a concession period of 18 years.

Commenting on this development, Mr Sudhir R Hoshing, CEO (Roads), Reliance Infrastructure said, "We are pleased to announce the completion of the widening work of the Jaipur- Reengus road, which is a part of NHDP Phase III. The corridor will provide hassle-free, safe and comfortable travel to commuters with travel time reduced to almost half and approximately 40% of fuel saving. The corridor will not only connect centers of tourism, industrial zones & religious places, but also reduce the rural-urban gap by connecting more than 50 villages with the state capital and other major cities. The corridor will witness traffic density of approximately 22,600 vehicles per day, which is expected to double in the next four years".

Reliance Infrastructure's consolidated net profit surged 76.2% to Rs 725.12 crore on 12.7% decline in net sales to Rs 6113.20 crore in Q4 March 2013 over Q4 March 2012. The company unveils Q1 results on 30 July 2013.

Reliance Infrastructure is India's leading utility company having presence across the value chain of power business i.e. generation, transmission, distribution, EPC and trading. The company also undertakes infrastructure sector projects i.e. roads, highways, metro rail, airports and real estate.

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