GMR Power and Urban Infra share price jumps 10% on ₹2,470 crore smart metering project in Uttar Pradesh
₹2,470 crore in Uttar Pradesh. GMR Power and Urban Infra share price opened at intraday's low of ₹34.01 apiece on BSE. At 10:16 IST, GMR Power and Urban Infra share was up 8.06% at ₹35.95 per share.
GMR Smart Electricity Distribution Private Limited (GSEDPL), a stepdown subsidiary of GMR Power and Urban Infra Limited, has received a letter of award from Dakshinanchal Vidyut Vitran Nigam Limited to implement a smart metering project in the Dakshinanchal (Agra, and Aligarh zone) area of Uttar Pradesh, the company stated in an exchange filing. In the selected locations, GSEDPL will install, integrate, and maintain 25.52 lakh smart metres. From the day the contract was signed, the implementation period is expected to be 27 months, with a 93-month operation period.
On September 3, GSEDPL, received LOA from Purvanchal Vidyut Vitran Nigam Limited to implement smart metering project in the Purvanchal (Varanasi, Azamgarh zone and Prayagraj, Mirzapur zone) area of Uttar Pradesh. GSEDPL will install, integrate and maintain 50.17 lakh smart meters in the given area, according to company's exchange filing. “The total contract value (inclusive of GST) for Agra & Aligarh Zone is about ₹2,469.71 crores," the company said in an exchange filing.
In response to the e-tender issued by UP Discoms for various regions of Uttar Pradesh, the LOA has been granted. The e-tender was taken part in by GSEDPL, which won. The project will take place over the course of ten years.
Read more on livemint.com
