Odisha: Gayatri Projects bags Rs 1,255 crore highway project

The project is under the fourth phase of the National Highway Development programme (NHDP).

By: PTI | New Delhi | Published:September 23, 2016 4:52 pm
Odisha, Odisha highway project, gayatri project, gayatri project odisha, National highway authority of india, NHAI, Odisha news, india news, indian express news The contract is to be executed on engineering, procurement and construction (EPC) basis. (File photo)

Gayatri Projects on Friday announced that it has secured Rs 1,255 crore highway contract in a joint venture with Russian construction firm PTPS from National Highway Authority of India (NHAI).

The project envisages “rehabilitation and upgradation tom 4-laning of Angul-Sambalpur section…in Odisha under NHDP-IV..,” the company said in a filing to BSE.

The contract is to be executed on engineering, procurement and construction (EPC) basis, which is in line with the management’s decision to maintain an asset-light model, it said.

“This contract win is also a strong signal of the management committee to capitalise on the growing EPC opportunities, and comes on the heels of several new projects from a wide set of industries, ranging from national highways to water distribution and underground mining,” the filing said.

In the last 18 months, the company’s order book has more than doubled to over Rs 10,000 crore on a robust inflow of orders, all of which have been through the EPC model.

The project is under the fourth phase of the National Highway Development programme (NHDP).