Dilip Buildcon Wins Two Maharashtra Projects Worth Rs. 18.4 bn
The National Highways Authority of India (NHAI) declared Dilip Buildcon the lowest bidder for a four-lane elevated corridor from Old Pune Naka to Boramani Naka on NH-65 in Solapur City. The project is valued at Rs. 6.88 bn, excluding GST, and will be executed under the Hybrid Annuity Mode.
The 9.66-km corridor is scheduled for completion within 24 months, followed by an operation period of 15 years from its commercial operation date. Separately, REC Power Development and Consultancy selected the company as the successful bidder for a transmission system in Yavatmal on behalf of Maharashtra State Transmission Utility.
The Yavatmal project involves developing and operating a 400 kV air-insulated substation transmission system at Babhulgaon. It will be implemented on a Build, Own, Operate and Transfer basis through tariff-based competitive bidding. Construction and commissioning are scheduled within 24 months, while the project tenure will extend for 35 years from the commercial operation date. Dilip Buildcon’s EPC value is Rs. 11.51 bn, excluding GST.
The latest wins follow the company’s selection last week for a Rs. 12.65 bn Maharashtra transmission project. Dilip Buildcon is also pursuing an asset-light infrastructure strategy and has agreed to divest its interest in 10 special-purpose vehicles developing a 1,363 MW solar portfolio in Madhya Pradesh. The portfolio has an estimated project cost of Rs. 62.63 bn and an enterprise value of about Rs. 68.29 bn.
Shares of Dilip Buildcon were trading 1.9 per cent lower at Rs. 404.75 despite the project announcements. The stock has declined 15 per cent so far this year. The company said the solar transaction would help recycle capital into new opportunities and strengthen its balance sheet.