Infrastructure company Gayatri Projects on Monday said it has won Rs 700 crore project, a part of larger Navi Mumbai International Airport, from CIDCO.
“Gayatri Projects has made inroads into the construction of airports by bagging a Rs 700 crore contract as part of the larger Navi Mumbai International Airport from City and Industrial Development Corporation of Maharashtra (CDICO),” the company said in a filing to the BSE.
It said that winning the contract shows the company’s commitment to gain a foothold in relatively nascent, but fast growing EPC (engineering, procurement and construction) opportunity sets.
“The construction and development of airports will prove to be a major source of business for infrastructure companies, given that the Indian aviation sector is likely to see investments of over USD 120 billion for the development of airport infrastructure and aviation navigation services over the next decade,” it said.
The work order pertains to land development of Navi Mumbai International Airport.
Gayatri is keen to participate in this effort to make India the third largest civil aviation market by 2020, which will involve the development of many greenfield airports as well as the improvement of existing ones, the company said.
The company stock closed 0.66 per cent down at Rs 649.60 on BSE.