Sadbhav Engineering lowest bidder for Rs 780 crore Surat Metro project
Dec 22, 2020
Ahmedabad (Gujarat) [India], Dec 22 : Infrastructure major Sadbhav Engineering has emerged as the lowest bidder by the Gujarat Metro Rail Corporation for a Rs 779.83 project in Surat.
The project involves construction of 11.6 km elevated viaduct near Dream City and 10 stations for Surat Metro rail project.
It will be executed in 30 months by the joint venture company in which Sadbhav Engineering holds 74 per cent stake and S P Singla Constructions the balance 26 per cent.
"The letter of award is expected soon from Gujarat Metro Rail Corporation," Sadbhav Engineering said in a statement on Tuesday.
In October last year, the Sadbhav Group merged two of its listed entities -- Sadbhav Engineering and Sadbhav Infrastructure Projects -- to create a simplified corporate structure and better utilisation of resources.
The merger followed Sadbhav Infrastructure's decision to sell its nine road assets to the infrastructure investment trust owned by Larsen & Toubro and Canada Pension Plan Investment Board (CPPIB) for about Rs 6,610 crore.
At 1:30 pm on Tuesday, Sadbhav Engineering was trading 4.81 per cent higher on BSE Ltd at Rs 61 per unit.
