GR Infra spurts ~2% as subsidiary signs agreement with NHAI worth Rs1,577 crore

3 Jun 2022 , 12:51 PM

G R Infraprojects Limited’s wholly-owned subsidiary GR Madanapalli Pileru Highway has signed an agreement with the National Highways Authority of India (NHAI) for a road project worth Rs1,577 crore.

The scope of the project includes the construction of four-laning of NH-71 from Madanapalli to Pileru in Andhra Pradesh under the ‘Bharatmala Pariyojna’ project, reports stated. Further, it stated that the length of the road is 55.900 km.

The project is to be completed under hybrid annuity mode.

The company is expected to complete the project within 730 days from the date of appointment. The project will be operational for a period of 15 years from the commercial operation date.

G R Infraprojects is currently trading at Rs1,427 up by Rs24.95 or 1.78% from its previous closing of Rs1,402.05 on the BSE. The scrip opened at Rs1,436 and has touched intraday high and low of Rs1,462.65 and Rs1,421 respectively.