TV Sandeep Reddy, MD of Gayatri Projects, on Tuesday, said that the National Highways Authority of India (NHAI) only stopped new projects until issues in the current projects are rectified.
Gayatri Projects, an engineering and construction company, reported good earnings for the March-ended quarter on a low base. Revenues up 50 percent and margins have held steady. The company was also in the news after it saw a massive 18 percent slide after the National Highways Authority of India (NHAI) declared it as a non-performer last week.
Speaking in an interview with CNBC-TV18, Reddy said, “The NHAI conducted some independent audits on real sites and found a few cracks, which are not even 2 percent of the entire length. Therefore, as per the new policy, they said that they will stop us from bidding on new projects till we rectify this and keep it at normal levels.”
“Therefore, we cannot bid for new NHAI projects, but our existing orderbook is of nearly 14,000 crore. We have enough orders for the next three years, and we are quite comfortable. Watch Here