Shares of Generic Engineering Construction And Projects Ltd (GECPL) surged over 14% on Wednesday after the Maharashtra government awarded the contract for constructing the Maharashtra Bhavan, also called Bhakta Niwas, near the Ram Mandir in Ayodhya, Uttar Pradesh. The contract, valued at Rs 119.50 crore, is aimed at providing accommodations for devotees traveling to Ayodhya from Maharashtra.
The 13-story Maharashtra Bhavan will be constructed on a two-acre plot allocated by the Uttar Pradesh government. The project is set to feature state-of-the-art facilities for lodging, boarding, and other amenities for devotees at affordable costs. The construction is expected to be completed within three years.
The Maharashtra Public Works Department (PWD) floated the tender for the project last August, initially estimating the cost at Rs 113 crore. Out of two bidders—Nirmiti Buildcon and GECPL—Generic Engineering secured the contract with a bid of Rs 119.50 crore, narrowly beating Nirmiti Buildcon’s Rs 120.04 crore offer.
This significant project underscores GECPL’s capacity to manage large-scale public infrastructure projects. Following the announcement, the company’s shares traded at Rs 52.00, up 14.59%, pushing its market capitalization to Rs 220 crore.
