Share Market News: GMR Power receives multiple orders from Yogi Govt, shares surge high

15 Sep, 2023 Author: Ayushee Joshi

Stock Market News: GMR Power and Urban Infra shares surged 10% high at Rs 36.59 on the BSE in intra-day trading after the GMR Group obtained a Letter of Intent (LOA) from Dakshinanchal Vidyut Vitran Nigam Limited for a smart metering project for Rs 2,470 crore. GMR Power subsidiary GMR Smart Electricity Distribution Private Limited (GSEDPL) has secured a Letter of Agreement (LOA) from Dakshinanchal Vidyut Vitran Nigam Limited to conduct the smart metering project in Uttar Pradesh's Dakshinanchal (Agra and Aligarh zones).

GMR Power Shares Increase 10%

GSEDPL will install, integrate, and maintain 2.552 million smart metres in the designated locations as part of the project. The implementation duration is scheduled to be 27 months from the date of contract execution, with an operational period of 93 months. The project will take ten years to complete. GMR has also signed an MoU with the Uttar Pradesh government for a total investment of Rs 45,000 crore by 2028. This collaboration will allow GMR to invest in a variety of areas, including solar, energy efficiency, EV charging infrastructure, Green Hydrogen plants, data centres, and others.