IVRCL bags two contracts worth Rs 1,867.19 cr

The project is worth Rs Rs 1,176.12 crore and the contractual completion period is 5 years.

Last Updated: Nov 14, 2011, 11:46 AM IST

Hyderabad: City-based infrastructure major IVRCL Limited Monday said its mining and water division has bagged two separate orders with a combined value of Rs 1,867.19 crore.

News of the orders pushed up IVRCL's scrip by 2.13 percent to Rs 38.35 on the BSE in early trade on Monday.
Hindustan Copper Limited, a government of India enterprise, issued a letter of intent to an IVRCL-led consortium for work under a project for development of 5 million tonnes per annum capacity at the Malanjkhand copper project in Madhya Pradesh.

The project is worth Rs Rs 1,176.12 crore and the contractual completion period is five years, IVRCL said in a statement.

This will be the single largest underground mining project to come up in the country.

The Malanjkhand copper project is the single largest copper deposit in the country, with estimated reserves of 268 million tonnes of 0.97 percent copper ore, and contributes around 70 percent of HCL's copper production.

"As part of the endeavour, HCL has decided to undertake expansion of the Malanjkhand copper project by developing an underground mine of 5 million tonnes per annum. The mine is divided in to two parts, viz North mine and South mine. Each mine will produce 2.5 million tonnes per annum," the statement said.

The other order bagged by IVRCL was worth Rs 691.07 crore and involved the supply, lowering, laying and jointing and commissioning of a bulk water transmission in the Kutch region under the 'Swarnim Gujarat Saurashtra-Kutch water programme' of Gujarat Water Infrastructure Limited.

The steel requirement for the project will be of the order of 91,914 tonnes, IVRCL said.