Gayatri Projects wins contract worth Rs1,130.67 crore in Nagaland

Engineering and construction firm Gayatri Projects Ltd said it has won a Rs1,130.67 crore order for widening of roads in Nagaland in consortia with Maytas Infra.

The order is for widening of roads in Nagaland, which was awarded by the Government of Nagaland, Gayatri Projects said in a filing to the Bombay Stock Exchange (BSE).

The joint venture has received a letter of acceptance (LoA) from the Nagaland Government, the statement said.

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Cipla receives demand notices from NPPA for Rs73 crore

Cipla Ltd said it has received fresh notices from National Pharmaceutical Pricing Authority demanding Rs47.7 crore for the drug Salbutamol and Rs25.4 crore for the drug Ciprofloxacin.

“These demands are contrary to the orders of the Supreme Court of India and the company has received legal advice that entire amounts demanded by the government are not tenable and sustainable,” the company said in a filing to the Bombay Stock Exchange (BSE).

On Wednesday, Cipla ended 0.82% down at Rs367.30 on the BSE, while the benchmark Sensex closed 1.15% up at 20,256.03 points.

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GMR Infra and Malaysian Aerospace Engineering achieves financial closure

GMR Infrastructure Ltd said MAS GMR Aerospace Engineering Co Ltd, a 50:50 joint venture between GMR Hyderabad International Airport Ltd and Malaysian Aerospace Engineering Sdn Bhd has achieved financial closure for maintenance, repair, and operations (MRO) facility at Rajiv Gandhi International Airport in Hyderabad.

The project cost is Rs309 crore. The equity portion would be Rs77 crore, while the remaining would be debt. The debt component of Rs232 crore is syndicated among State Bank of Hyderabad, Andhra Bank and State Bank of Bikaner and Jaipur.

The MRO facility is expected to start from July 2011 with necessary certifications from DGCA and EASA. The facility is designed to perform base maintenance checks with one wide body, two narrow bodies and one narrow body cum paint hangars.

On Wednesday, GMR Infra gained 0.56% to Rs45 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.15% up at 20,256.03 points.

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