If things fall in place, Gammon Infrastructure Projects Ltd (GIPL) will soon have a new project and thus a new wholly-owned subsidiary too. GIPL has claimed to be the lowest bidder for National Highways Authority of India (NHAI) project connecting Patna to Muzaffarpur.
“We are the lowest bidders for the project and are awaiting a notification of intent (NOI) from NHAI,” said Parvez Umrigar, managing director, GIPL.
The project is on an annuity model connecting Patna to Muzaffarpur, to be built on a BOT basis. GIPL has a total committed capital expenditure of Rs10,000 crore across various sectors and Rs2,000 crore in the road sector alone.
GIPL creates a new subsidiary or special purpose vehicle for every new project it wins. At present, the company has some 16 projects, out of which it holds majority stake in 13 projects.