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Reliance Infrastructure zooms on bagging Rs 7,000 crore Versova-Bandra sea link project

Reliance Infrastructure is currently trading at Rs. 57.95, up by 6.05 points or 11.66% from its previous closing of Rs. 51.90 on the BSE.

The scrip opened at Rs. 52.50 and has touched a high and low of Rs. 57.95 and Rs. 50.00 respectively. So far 2637695 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 488.50 on 03-Sep-2018 and a 52 week low of Rs. 37.30 on 19-Jun-2019.

Last one week high and low of the scrip stood at Rs. 60.70 and Rs. 40.00 respectively. The current market cap of the company is Rs. 1500.36 crore.

The promoters holding in the company stood at 40.98%, while Institutions and Non-Institutions held 39.34% and 19.68% respectively.

Reliance Infrastructure (RInfra) has bagged one of the largest EPC contracts from Maharashtra State Road Development Corporation (MSRDC), the prestigious Rs 7,000 crore Versova-Bandra Sea Link Project (VBSL) in Mumbai. The company is fully geared to deliver the project in 60 months from the Appointed Date of June 24, 2019 as per the contract.

VBSL is a marquee project with a length of 17.17 km, which is three times the length of the Bandra-Worli Sea Link of 5.6 km. VBSL would cut down commute time of Mumbaikars from over 90 minutes to 10 minutes. Mumbaikars can look forward to drastic savings in their fuel cost besides an eco-friendly travel with minimal carbon footprint

For the project, the company has already completed the works related to soil investigation, in partnership with Fugro, and engineering design, in partnership with Dar Al Handasah. MSRDC is expected to finalise the location of casting yard for the work to start on the project.

RInfra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.

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