New Delhi: GMR Infrastructure-led consortium has bagged an order for construction of 417 km-long eastern dedicated freight corridor railway project which is estimated to cost Rs 5,080 crore. "A consortium led by GMR Infrastructure Ltd has been issued Letter of Award for construction of 417-km long Eastern Dedicated Freight Corridor railway project at a cost of Rs 5,080 crore on EPC (Engineering, Procurement and Construction) basis," the company said in a filing to BSE.
GMR Group is not required to provide significant investment for the project since it is implemented on EPC basis, it said. In November 2014, the consortium had emerged as the lowest bidder amongst five contenders for the project through an international competitive bidding process. The project, funded by World Bank, is divided into two packages i.e. from Mughalsarai to Karchana (near Allahabad) for 180 km and from Karchana to Bhaupur (near Kanpur) for 237 km in Uttar Pradesh, the company said.
The project involves design and construction of civil, structures and track works for double line railway on design-build lump sum basis and will be completed in 45 months, it said. The eastern and western rail freight corridor projects are expected to be game changers in the country by creating the much-required rail transportation capacity, it added. Shares of the company were trading lower by 1.19 per cent at Rs 16.60 in afternoon trade.