Shares of ITD Cementation India Ltd rose almost 3% in Tuesday’s trading session following reports from ET Infra suggesting that the company is poised to secure a significant contract worth Rs 1,648 crore for the Vadhvan Port project in Maharashtra. The project involves near-shore reclamation and shore protection works under an engineering, procurement, and construction (EPC) model.
According to the reports, ITD Cementation emerged as the lowest bidder, quoting Rs 1,648 crore for the work, which is approximately 6.89% lower than the estimated project cost of Rs 1,770 crore. The contract is part of the ambitious Vadhvan Port development project, a state-of-the-art maritime hub expected to cost Rs 76,220 crore and touted as one of the largest ports in India by capacity. The project is being implemented by Vadhvan Port Project Ltd, with a significant 74% stake held by the Jawaharlal Nehru Port Authority.
The Vadhvan Port project is designed to enhance India’s maritime infrastructure with a handling capacity of 298 million tonnes of cargo annually, including 23.5 million twenty-foot equivalent units (TEUs). The development also incorporates sustainable practices to minimize environmental impact, focusing on reclaimed land and efficient cargo handling facilities.