Bangalore: GMR Infrastructure Limited (GIL) led consortium has emerged as lowest bidder in International Competitive Bidding for two packages of Eastern Dedicated Freight Corridor project involving construction of 417 km long double track railway line from Mughalsarai to New Bhaupur (near Kanpur) on EPC basis. The Eastern Dedicated Freight Corridor extends from Ludhiana to Dankuni near Kolkata. DFCCIL received five bids for the project wherein the GIL led consortium has quoted a price of Rs. 5080 Crore. The award of work will be subject to approval by DFCCIL.
As part of Asset Light Asset Right strategy, GMR Group is not required to provide any equity for the project since it is to be implemented on EPC basis. The Project is financed by World Bank through DFCCIL. The project is to be completed in 45 months after award.
GMR Infrastructure Limited is implementing 2 railway projects for Rail Vikas Nigam Limited (RVNL) at present and has requisite experience to implement the project.
About GMR Infrastructure Limited:
GMR Infrastructure Ltd. is a Bangalore headquartered infrastructure group with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public‐private partnership model to build a portfolio of high quality assets. The Company has 15 power generation assets of which 8 are operational and 7 are under various stages of development. In the Highways sector the Group is operating 9 assets (including 2 in which the Group holds minority interest) across the country. In the Airports sector, the Company operates India’s busiest airport, the Indira Gandhi International Airport in New Delhi, where it has built a brand new integrated terminal T3. It has also developed and commissioned the greenfield international airport at Hyderabad as a gateway to south and central India. The Group has been recently awarded the Mactan‐Cebu International Airport project in the Philippines for renovation, operation and maintenance with a concession period of 25 years. GMR Group is also committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation which carries out work in 24 locations.
For further information about GMR Group, visit http://www.gmrgroup.in/index.html
GMR Infrastructure Limited is proposing, subject to market conditions and other considerations, a rights issue of its equity shares and has filed a Draft Letter of Offer with SEBI and the Stock Exchanges. The Draft Letter of Offer is available on the website of SEBI at www.sebi.gov.in and the website of the Lead Managers at www.jmfl.com, www.axiscapital.co.in, www.icicisecurities.comand www.sbicaps.com. Investors should note that investment in equity shares involves a high degree of risk and are requested to refer to the section titled “Risk Factors” of the Draft Letter of Offer for details of the same.