Sadbhav Engineering has received letter of acceptance from Gujarat Metro Rail Corporation for Surat metro rail project for contract value of Rs 779.73 crore. The project is in joint venture with S.P. Singla Constructions (26% stake).

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Sadbhav Engineering announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 29 January 2021 .

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In a regulatory filing made before market hours today, the company said that the Gujarat Metro Rail Corporation (GMRC) declared Sadbhav Engineering (SEL)-S.P. Singla Constructions (SPSCPL) joint venture as the lowest bidder for a Gujarat-based metro rail project.

The project involves construction of 11.6 K.M. elevated viaduct from Kadarsha Ni Nal to Dream City dead end, including ramp for depot entry near Dream City and 10 Stations (excluding E&M, architectural finishing and roofing) for Surat Metro Rail Project Phase-1. The construction period for the same is 30 months.

While the GMRC's cost was Rs 805.15 crore, the company's bid the project cost at 779.73 crore. In the JV, SEL holds 74% stake while the remaining 26% stake is held by SPSCPL.

Letter of Award (LoA) is expected to receive soon from Gujarat Metro Rail Corporation (GMRC), the company said in statement.

SEL is engaged in the construction and maintenance of roads and highway, and irrigation system (canal). The firm is also engaged in the site preparation for mining, including overburden removal and other development. The company's segments include EPC Contracts and BOT (toll & annuity).

SEL reported a consolidated net loss of Rs 40.51 crore in Q2 FY21 as against net loss of Rs 15.94 crore in Q2 FY20. Net sales during the quarter declined by 42.4% YoY to Rs 540.72 crore.

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Sadbhav Engineering has been declared as lowest bidder by Gujarat Metro Rail Corporation (GMRC) for the following Metro Rail project:

Construction of 11.6 K.M. Elevated 11.6 805.15 779.73 30 MonthsViaduct from Kadarsha Ni Nal to Dream City Dead End Including Ramp for Depot entry near Dream City and 10 Stations (Excl. E&M, Architectural Finishing and Roofing) for Surat Metro Rail Project Phase-1, Package-CS1 in the name of SEL-SPSCPL Joint Venture (Sadbhav Engineering - 74% & S.P. Singla Constructions - 26%). The bid project cost is Rs 779.73 crore. The construction period is 30 months.

Letter of Award is expected to receive soon from Gujarat Metro Rail Corporation (GMRC).

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