ILFS Engineering gets nod from GMRC for contract renewal

Hyderabad based IL&FS Engineering and Construction Company (IECCL), has received approval from Gujarat Metro Rail Corporation (GMRC) for the revival of the contract in respect of construction of viaduct corridor from interface point with Gyaspur Depot and Elevated Metro stations of North-South corridor for Ahmedabad Metro Project, Phase 1.

The above mentioned work of contract shall resume by September 12, 2019. The total contract value of the same stood at Rs. 382.22 crore, out of which contract worth Rs. 213.24 was already completed. Value of the remaining work balance stood at Rs. 168.98 crore.

On January 19, 2019, GMRC had terminated this contract. Now both IECCL and GMRC agreed to renew the contract and to treat the intervening period from the date of termination as suspension of work without any extra claims except payment under price variation.

IL&FS Engineering and Construction Company is one of the leading multi-national Infrastructure Development, Construction and Project Management companies with nearly three decades of rich and varied experience in executing landmark projects.

On Monday, shares of IL&FS Engineering and Construction Company had opened at Rs. 3.23 against previous close of Rs. 3.40 on the BSE. At 15:10PM, the stock was trading nearly at Rs. 3.23, down by 5 per cent on the BSE.