Welspun Enterprises advances on winning contract
Welspun Enterprises’ subsidiary, Welspun Sattanathapuram Nagapattinam Road (WSNRPL) and National Highways Authority of India (NHAI) have executed the Concession Agreement for four-laning of Sattanathapuram to Nagapattinam section of NH-45A (New NH - 332) in the State of Tamil Nadu under NHDP Phase-IV on Hybrid Annuity Mode, according to company’s filing with exchange.
Further, company added that it will develop the project at a Bid Project Cost of Rs. 2,004.51 crore and first year O&M cost of Rs. 5 crore. The construction period is 2 years from the appointed date. The company has received a firm sanction letter from lenders for this project.
In response to this development, the stocks of Welspun Enterprises which opened at Rs. 113.05 surged almost 3.3 per cent to touch intraday high of Rs. 114.80 apiece. At 11:30 hours, the stock was trading at Rs. 111.4 apiece, up marginally by around 0.23 per cent from the previous close of Rs. 111.10.
Welspun Enterprises, formerly Welspun Projects, part of the Welspun Group, is an operating company in the infrastructure business. The company also has investments in oil & gas exploration projects.