Shares in Nila Infrastructures Ltd jumped 18.43 percent after it announced it had secured a work order for a slum development project. The work order is for the rehabilitation and development of residential units “Ramapir no Tekro” in the Wadaji slum area of Ahmedabad. SIPL, as the main contractor, has commissioned the construction and development of 1,694 residential units at a total development cost of Rs 10,164 crore.
The project was originally awarded to Shree Infracon Private Limited (SIPL) by the Ahmedabad Municipal Corporation (AMC) under the Slum Restoration and Redevelopment Policy 2013, in line with the goals of Pradhanmantri Awas Yojna.The implementation period of the project is limited to 18 months
The project covered a wide range of construction activities including roller compacted concrete works, masonry works, frame erection stucco works and provision of necessary materials and labour.
Shares on the Bombay Stock Exchange rose 18.43 percent to Rs 6.62 at 10.47 am.