Udayshivakumar Infra secures projects worth ₹1,057.30 Crore

6 Sep 2024 , 03:32 PM

On September 5, Udayshivakumar Infra Ltd (UIL) announced a joint venture with KMC Construction Ltd (KMCCL) as the lowest bidder (L1) for three major National Highway projects in Karnataka, totalling ₹1,057.3 Crore.

Following this development, the counter was locked in 5% upper circuit.

According to a stock exchange filing, Udayshivakumar Infra Limited (UIL) formed three joint ventures with KMC Construction Limited (KMCCL) to bid on National Highways Project works under EPC mode in the state of Karnataka, and all three joint ventures won the bid and became the L1 (Lowest Bidder No.1).

The projects, granted through the Engineering, Procurement, and Construction (EPC) system, include road widening and shoulder paving.

The biggest project involves widening a 36.5 km length of NH-69, Honnavar-Chittoor Section, costing ₹366.19 Crore. The second project, approximately ₹299.19 Crore, entails extending two lanes on NH-150A for 48 km from KB Cross to Nelligere.

The third project, priced at ₹391.92 Crore, is to widen a 60.2 km length of NH-548B from Murgundi to Chikkodi. Each project has a 24-month completion date. UIL and KMCCL are now awaiting Letters of Acceptance (LOA) from the National Highways Authority of India before proceeding with the project.

At around 11.23 AM, Udayshivakumar Infra was trading 5% higher at ₹62.58, against the previous close of ₹59.60 on NSE. The counter touched an intraday high and low of ₹62.58, respectively.

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