HCC bags contract for Mumbai Metro III

New Delhi: Hindustan Construction Company (HCC) on Tuesday announced receiving Rs. 2,523 crore worth contract for Mumbai Metro III after which the shares witnessed a rally of nearly nine percent intraday.

HCC, a lead partner in the joint venture with MMS of Russia, has received Rs. 2,523 crore contract from the Mumbai Metro Rail Corporation (MMRCL).

The Mumbai-based infrastructure company in a statement said that the project will be jointly executed by HCC and its Russian partner MMS where the former will have 74 percent share and MMS will have 36 percent share.

“HCC’s total share will amount to Rs. 1,900 crore. Most of the working capital will be covered by contract terms,” said HCC CFO Praveen Sood in an interview to CNBC-TV18.

He also adhered that the project would benefit the order-book of HCC and will help it cross Rs. 20,000 crore.

“HCC also has orders worth Rs. 3,000 crore in pipeline. The contract, which is to be completed in 55 months, is for construction of 4,072 meter corridor of the underground metro line,” he added.

This is part of the Line III of the Mumbai Metro from Colaba to SEEPZ.

HCC has been associated with six packages of Delhi Metro totaling 18.14 km of tunnels and 13 underground stations.

In Mumbai Metro, the company has built eight elevated stations.

The company scrip of Hindustan Construction Company quoted Rs. 22.60, up Rs. 1.70, or 8.13 percent on the BSE after news disclosure. (ANI)