GTPL bags 12.46 billion rupee order to link 3,767 Gram Panchayats in Gujarat

AHMEDABAD | MUMBAI | RAJKOT – In a regulatory update submitted to the Exchanges in India on Friday, GTPL Hathway Ltd said of having bagged BharatNet Phase-II project in the Gujarat to connect 3,767 gram panchayats (village civic bodies) valued at 1,245.77 crore (~12.46 billion) rupees.

GTPL Hathway Limited (“the Company”) has been awarded the work order as Project Implementation Agency (PIA) of Package – B for implementation of BharatNet Phase – II Project in the state of Gujarat by Gujarat Fibre Grid Network Limited (GFGNL), a domestic entity, the filing read.

The work order relates to connect 3767 GPs (Gram Panchayat, Package B, Saurashtra region) by implementing end-to-end OFC (optical cable fiber) and digital infrastructure at Centralized NOC (network operations center) of Gandhinagar in Gujarat for the sum of INR 1245.77 Crores which include CPAEX (capital expenditure) and 3 Years O&M (operations & maintenance), the filing claimed.

Further there is an option of an extension of additional 4 Years O&M at additional value and neither the Promoter/ Promoter Group/ group companies do not have any interest in GFGNL and the work order is not related party transaction, the filing read.

Immediately after the update hit the exchange, the investors & traders sentiment welcomed the announcement, further triggering instant spike in the share price of the company and when the trading session on Friday ended over the weekend holiday, GTPL Hathway shares ended in GREEN Zone on positive counters.