GMR Infra bags contract worth 2,880 crores

GMR Infrastructure, a diversified group with interests in the energy and airport sectors has bagged a contract worth Rs 2,880 crores. GMR Infrastructure Ltd., on Tuesday announced that a consortium which it leads has won two projects to build parts of India’s upcoming eastern cargo rail corridor, which is of 221km.

The GMR-led consortium will build the 175km single line connecting Sahnewal and Pilkhani that passes through Uttar Pradesh, Haryana and Punjab, and a 46-km double line corridor in Uttar Pradesh connecting Dadri and Khurja. These are expected to be completed in 44 months and 36 months, respectively. The entire project will be funded by the World Bank.

The company is already working on 417-km Eastern Dedicated Freight Corridor railway project that comprises two corridors: a 180-km long stretch connecting Mug has Sarai and Karchana near Allahabad; and a 237-km corridor connecting Karchana and Bhaupur near Kanpur in Uttar Pradesh.

The GMR group has 15 power generation projects, nine operating road assets and a double rail track line of eastern dedicated freight corridor under development.

The company has seen its net loss on consolidated basis widen to Rs 953.5 crore, due to higher expenses during the fourth quarter ended March 31, 2016. 

In 2015-16, the company's net loss stands at Rs 2,161 crore, as against Rs 2,733.29 crore in the previous fiscal. Its total income from operations have risen to Rs 13,357.66 crore in the last fiscal, from Rs 11,087.68 crore.

Citing the news, the shares on Wednesday have opened positive and are trading at Rs 11.90, up by 3.30 per cent on an intraday basis.