Reliance Infra surges 8% after bagging Versova-Bandra Sea Link contract

It’s unclear what infrastructure problems the Bill is trying to solve | Photo: Dalip Kumar
Shares of Anil Dhirubhai Ambani Group (ADAG) companies were in focus, trading higher by up to 8% on the BSE on back of heavy volumes.

Reliance Infrastructure, Reliance Power, Reliance Capital, Reliance Naval and Engineering and Reliance Communications were up in the range of 2% to 8% on the BSE. On comparison, the S&P BSE Sensex was up 0.84% at 35,207 points at 02:48 pm.

Reliance Infra has surged 8% to Rs 455 on the BSE after the joint venture (JV) company bagged the engineering, procurement and construction (EPC) contract for the prestigious Versova-Bandra Sea Link Project in Mumbai.

Reliance Infrastructure-Astaldi S.p.A JV had emerged the most competitive bidder with their bid of Rs 69.94 billion. The letter of award (LoA) for the project has been issued by Maharashtra State Road Development Corporation (MSRDC), the company said in a press release.

Speaking on the occasion, Reliance Infra EPC CEO, Arun Gupta, said, “Our JV with Astaldi S.p.A, the third biggest construction player in the world in bridges with an order backlog of over Rs. two lakh crore, will help us create a truly world class mega infrastructure project for Mumbai.”