Sadbhav Engineering shines on getting LoA from Gujarat Metro Rail Corporation
Sadbhav Engineering Limited (SEL) has received a letter of acceptance (LoA) from Gujarat Metro Rail Corporation (GMRC). The LoA has been granted for the metro rail project, having a contract value of Rs 779.73 crore.
The project includes the construction of an 11.6 km elevated viaduct from Kadarsha Ni Nal to Dream City dead-end including a ramp for depot entry near Dream City and ten other stations (excl. E&M, architectural finishing & roofing) for Surat Metro Rail Project phase-1, package-CS1 in the name of SEL-SPSCPL joint venture. The estimated period for the completion of metro rail project construction will be 30 months from the date of the issuance of LoA i.e. January 8, 2021.
SEL-SPSCPL is a joint venture between Sadbhav Engineering Ltd (having 74 per cent share) and SP Singla Constructions Pvt Ltd (26 per cent share).
By the end of September 2020, the company’s order book stood at Rs 9,397 crore. Considering its consolidated revenue for FY20, its book-to-bill ratio comes out at 2.7x, giving revenue visibility for the next 2-3 years.
Sadbhav Engineering is a construction company engaged in executing many landmark projects like roads & highways, bridges, mining & irrigation supporting infrastructure across India. Its esteemed clients include NHAI, Coal India, GIPCL, GHCL, L&T, HCC, Punj Lloyd, Sardar Sarovar Narmada Nigam, etc.
With this update, the stock of Sadbhav Engineering surged 3.5 per cent to Rs 64.20 from its previous close of Rs 62.05.