The New Delhi railway station is being renovated, and Indian infrastructure giant Larsen & Toubro (L&T) has submitted the lowest proposal of Rs 8,740 crore, which is more than double the Rs 5,000 crore estimate from Indian Railways.
Details about L&T’s offer of Rs. 8740 crore is the lowest for the renovation of New Delhi railway station Redevelopment
After the engineering and construction giant was revealed as the lowest bidder for the renovation of the New Delhi train station, shares of Larsen and Toubro (L&T) increased more than 1% to reach a new all-time high on the BSE in opening session on Monday. Tata, GMR Group, ITD, NCC, and other significant companies had expressed interest in the project, but only Shapoorji Pallonji and L&T took part in the bidding, which began on March 10.
According to media reports, L&T filed a bid for the New Delhi Station renovation project for 8,740 crore, which is almost 3,000 crore more than the Center’s estimate. The RLDA, a statutory organisation under the Ministry of Railways, has been tasked with the duty of redeveloping many landmark stations as part of the rebuilding project, one of the Government of India’s signature initiatives.
Shares of L&T opened modestly higher on the BSE at 2,275.75 in response to the announcement, up from their previous closing price of 2,274.75 there. The largecap stock increased 1.6% to reach a new all-time high of $2,310.65, extending initial gains, and the market capitalization increased to $3.24 lakh crore.
The New Delhi railway station, which receives over 400 trains daily and has over 450,000 visitors daily, will be upgraded as part of the renovation plan to ease passenger circulation and investigate business opportunities. A twin-domed structure will take the place of the current one.
