HCC-Hyundai Development Corp JV bags Rs 21-bn Mumbai Coastal Road Project

.

Infrastructure major Hindustan Construction Company Ltd (HCC) Wednesday said the company, in a joint venture with Hyundai Development Corporation (HDC), has been awarded a Rs 21.26 billion Mumbai Coastal Road Project contract by the Municipal Corporation of Greater Mumbai (MCGM).

"HCC's share in the joint venture (JV) is 55 per cent (Rs 11.69 billion) and the project is to be completed in four years (48 months)," the company said in a BSE filing.

"The scope of work includes design and construction of road, bridges, interchanges including reclamation and associated works between Baroda Palace near Haji Ali and the Worli end of Bandra Worli Sea Link," it added.

HCC said MCGM has envisaged the Mumbai Coastal Road Project (MCRP) along the western seafront of the city to decongest existing roads.

Shares of HCC were trading 2.78 per cent up at Rs 11.48 apiece on BSE.

Business Standard YouTube channel

Rakesh Jhunjhunwala's Rare Enterprises buys Dish TV shares for 930 mn

Rakesh Jhunjhunwala's firm Rare Enterprises on Wednesday picked up 130 million shares of direct-to-home operator Dish TV India for nearly Rs 930 million, through an open market transaction. According to the bulk deal data available with the NSE, Rare Enterprises bought 130 million shares, amounting to 0.71 per cent stake, in Dish TV. 

The shares were purchased at an average price of Rs 71.3, valuing the transaction at Rs 926.9 million, the data showed. The seller(s) of the shares could not be ascertained immediately. Dish TV shares settled 1.31 per cent higher on the NSE at Rs 73.70 apiece.