G R Infraprojects announced that it has entered into share purchase agreement with REC Power Development and Consultancy (RECPDCL) for acquisition of Tumkur-II REZ Power Transmission (TRPTL).
The company had been identified as the selected bidder and received a Letter of Intent on 12 August 2024 for project Establishment of 400/220 kV 4x500 MVA Pooling Station near Tumkur, Karnataka, Tumkur-II Tumkur (Pavagada) line 400 kV (Quad ACSR Moose) D/c line and 2x125 MVAr 420 kV bus reactors with bays at Tumkur-II PS.As a condition of RFP of the project, in order to undertake the project, the company shall purchase the shares of Tumkur-II REZ Power Transmission from REC Power Development and Consultancy.
So, G R Infra has entered into share purchase agreement with REC Power Development and Consultancy (RECPDCL) for acquisition of Tumkur-II REZ Power Transmission (TRPTL). Tumkur-II REZ Power Transmission has become a wholly owned subsidiary of the company.
GR Infraprojects is engaged in construction of infrastructure facilities on engineering, procurement and construction (EPC) and built, operate and transfer (BOT) basis.
The company's consolidated net profit tumbled 49.83% to Rs 155.45 crore in Q1 FY25 as compared to Rs 309.84 crore recorded in corresponding quarter previous year. Revenue from operations fell 18.07% year on year (YoY) to Rs 2,030.30 crore in the quarter ended 30 June 2024.
Shares of G R Infraprojects added 0.89% to Rs 1,620.50 on the BSE.
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