Shares of IL&FS Engineering and Construction Company surged over 8 per cent intraday on Monday after it informed bourses that a joint venture (JV) between the company and Unitech Power Transmission has won a Rs 153.99-crore contract from Power Grid for transmission line works in Gujarat.
In a BSE filing, the company said, “IL&FS Engineering and Construction Company and Unitech Power Transmission JV has received letter of award for Rs 153.99 crore turnkey works of 765 kV transmission line in Gujarat from Power Grid Corporation of India Ltd.”
The scope of work includes Supply Contract for Tower Package-TW02 for 765kV D/C Bhuj-Banaskanta Transmission Line (Part II) associated with Green Energy Corridors. The project completion period is 24 months from the date of issue of the Letter of Award.
The contract has been won under International Competitive Bidding (ICB) process, and the project is funded by The KFW Bank. Later, the scrip closed 1.22 per cent up at Rs 45.45.