The public works department of Maharashtra and Welspun Road Infra Private Limited (“WRIPL”), a wholly owned subsidiary of Welspun Enterprises Limited
, have executed a concession agreement on January 10, 2019.
They have inked a deal for the upgradation of roads/two laning of roads/two laning of roads with paved shoulders under MRIP Package on hybrid annuity mode (HAM) Package No AM 2 under public works circle, Amravati in Maharashtra state.
The company made the announcement on Thursday evening post market hours. Reacting to the news, shares of the company were up 1.2% in intraday Friday.
“WRIPL will develop the project at a cost of Rs1,460cr and first year operation and maintenance cost of Rs31.50cr,” mentioned the company in a BSE filing.
The construction period is 2 years from the appointed date and operation and maintenance period is 10 years after commercial operation date.
Welspun Enterprises Ltd has been engaged in the construction industry for the past 35 years. This group has been engaged in various projects like construction of roads, water, industrial structures. WEL has also executed infrastructure projects such as highways, bridges, industrial, residential and commercial buildings.
Welspun Enterprises Ltd is currently trading at Rs110.30 up by Rs1.3 or 1.19% from its previous closing of Rs109 on the BSE.
The scrip opened at Rs110.50 and has touched a high and low of Rs113 and Rs110.30 respectively. So far 1,67,733 (NSE+BSE) shares were traded on the counter.