On March 23, GR Infraprojects’ shares plunged 4% in the early trade after the firm was acknowledged as the lowest bidder for projects received in Maharashtra and Arunachal Pradesh.

Dibang Power consortium, a joint venture between GR Infraprojects and Patel Engineering, has appeared as the L-1 bidder for civil works constructions for LOT-4 containing headrace tunnels. It also counts pressure shafts, intake, penstocks, powerhouse & transformer cavern, pothead yard, tail race tunnels, adits, etc., for Dibang Multipurpose Project 2880 MW (12 X 240 MW) Arunachal Pradesh, said GR Infraprojects in a regulatory filing.

The project cost is Rs 3,637.12 crore, which will be accomplished in 86 months. There is a 50% share of GR Infraprojects in the contract.

On the other hand, GR Infraprojects has emerged as L-1 for the development of a six-lane plan in Surat – Nashik – Ahmednagar– Solapur – MH/KNT Border Greenfield stretch in the Maharashtra state to be implemented on Hybrid Annuity Mode (HAM) under Bharatmala Pariyojana with a price of Rs 872.17 crore.

The operation period is 15 years from the commercial operation date, and the completion period is 730 days from the appointed date.

At 9:20 am, GR Infraprojects quoted Rs 1,002.50, up Rs 33.55, or 3.46% on the Bombay Stock Exchange.