IL&FS Engg announces revival of contract with Gujarat Metro Rail Corp

The GMRC had 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.

Sep 09, 2019 08:09 IST India Infoline News Service

ILFS
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.

This involves abutment of Depot 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 1) Period: To complete the balance work within a time period of 15 months without any change in financial terms oforiginal contract 2) Commencement: The Work shall recommence by September 12, 2019 3) Contract Value: Rs382.22cr 4) Works done: Rs213.24cr 5) Value of balance work: Rs168.98cr.

The GMRC 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.
IL&FS Engineering & Construction Co Ltd is currently trading at Rs3.23 down by Rs0.17 or 5% from its previous closing of Rs3.40 on the BSE.
The scrip opened at Rs3.23 and has touched a high and low of Rs3.23 and Rs3.23 respectively. So far 2,082 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs44.58cr.

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