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Gujarat Metro Rail Corporation Ltd has agreed to revive the contract of IL&FS Engineering and Construction Company Ltd

Posted On: 2019-09-09 13:22:52

IL&FS Engineering and Construction Company Limited (IECCL), has received approval form Gujarat Metro Rail Corporation (GMRC) Limited for the revival of the contract in respect of construction of viaduct corridor from interface point with Gyaspur Depot, that is abutment ofDepot to APMC Metro Station to Shreyas Metro Rail Station to all inclusive of elevated portion from Chainage (-) 1374.50 to (+) 3246.50 m and Elevated Metro stations (Four) viz. APMC, Jivraj, Raj iv Nagar and Shreyas for Package-l of North - South corridor for Ahmedabad Metro Project, Phase 1.

The brief terms for revival of the contract are given below:

Period : To complete the balance work within a time period of 15 months without any change in financial terms oforiginal contract

Commencement: The Work shall recommence by September 12, 2019
Contract Value : Rs.382.22 Cr
Works done : Rs.213.24 Cr
Value ofbalance work:Rs.168.98 Cr

Earlier, the GMRC has terminated this contract on January 19, 2019 and now the Company IECCL and GMRC agreed to revive the contract and treat the intervening period from the date of termination as suspension of work without any extra claims except payment under price variation.

Shares of IL&FS ENGINEERING AND CONSTRUCTION COMPANY LTD. was last trading in BSE at Rs.3.4 as compared to the previous close of Rs. 3.25. The total number of shares traded during the day was 13424 in over 20 trades.

The stock hit an intraday high of Rs. 3.41 and intraday low of 3.2. The net turnover during the day was Rs. 44625.

Source: Equity Bulls

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