Gayatri Projects bagged two new orders aggregating Rs 9.23 billion from National Highways Authority of India (NHAI).

These include a Rs 5.29 billion road project on NH-42 (Cuttack- Angul section) in State of Odisha under NHDP Phase III on EPC mode and another Rs 3.94 billion road project on NH-23 (Rajamunda- Barkote section) in State of Odisha under NHDP IV on EPC mode.

These projects will be executed on an EPC (Engineering, Procurement & Construction) basis in line with the management's decision to follow an asset-light model, and will further reinforce Gayatri's position as one of India's top highway builders.

These contracts also come on the heels of 2 recent highway construction projects in the State of Odisha-1) Rs 12.55 billion NH-42 (New NH-55) Angul-Sambalpur, and 2) Rs 5.83 billion NH-42 Cuttack-Angul Package - 1. With these 4 new projects in close proximity, Gayatri plans to reap the benefits of economies of scale, improved planning, and optimized procurement and utilization of resources and equipment. This 'cluster-approach' is a key competitive strategy adopted by Gayatri over the years, the most recent example of which is the cluster of 4 highway projects near Varanasi, UP.

These projects are under the NHDP, the National Highway Development Programme that has transformed the transportation landscape of India. Gayatri is proud to continue building national infrastructure under this programme, which will have a significant positive impact on the India growth story for decades to come. Gayatri Projects currently has an EPC order-book of over Rs 150 billion across India.

Shares of the company gained Rs 1.8, or 0.85%, to trade at Rs 214.55. The total volume of shares traded was 115,381 at the BSE (3.28 p.m., Wednesday).