NEW DELHI: Shares of Larsen & Toubro (L&T) climbed 3 per cent in Tuesday’s trade after the infrastructure giant emerged as the lowest bidder for the design and construction of 237 km length of viaduct for 508-km Mumbai-Ahmedabad bullet train project.
PTI quoting sources said that the contract is worth Rs 24,985 crore and the construction major is set to bag the largest civil contract of the bullet train project. Ahmedabad-Mumbai bullet train is the first high-speed train project of India, which is being built with the help of Japan.
Following the development, the stock rose 2.96 per cent to hit a high of Rs 929.80 on BSE.
“Financial bids for the design and construction of 237 km length of viaduct for 508 km of Mumbai-Ahmedabad High Speed Rail corridor were opened today and Larsen & Toubro Ltd is the lowest bidder,” a release said.
A total of three bidders involving seven major infrastructural companies had participated in the competitive bidding.
The technical bids for the tender were opened on September 23 this year and in less than one month, the financial bids have also been opened, after rigorous evaluation of technical bids, it said.
The tender covers about 47 per cent of total alignment of 508 km, between Vapi (Zaroli Village at Maharashtra- Gujarat Border) and Vadodara in Gujarat. This includes four stations namely Vapi, Billimora, Surat and Bharuch, and Surat Depot, it said.
The Mumbai-Ahmedabad bullet train corridor is being built at a cost of Rs 1.08 lakh crore with funding from the Japan International Cooperation Agency.
Credit: Stocks-Markets-Economic Times