The Indian firm GH Infra Projects, which specializes in infrastructure, has announced that it has secured a substantial contract worth approximately $317 million (over 1.1 billion dirhams) from Rana Exim. This contract will facilitate the development of the Erisha Smart Manufacturing Center in the Ras Al Khaimah Economic Zone.
In a disclosure to the Indian stock exchange, the company stated that the contract operates under an engineering, procurement, and construction (EPC) model. It involves the development of both industrial and commercial facilities within the center and is expected to be completed in 24 months, with 90 days allocated for initial setup and mobilization.
The chairman of the Indian group, Jehid Vigappura, commented in an official statement: “With this contract, the total value of our project portfolio will increase to around $840 million (approximately 3 billion dirhams). We will continue to focus on selecting more high-quality opportunities in the near future.”
It is noteworthy that the Indian company is engaged in various infrastructure sectors, including energy, environment, industrial sectors, and transport.
In a significant financial development, the company’s board of directors approved the issuance of bonus shares for existing shareholders at a ratio of three shares for every two shares owned, along with a 2-for-1 stock split, which will adjust each share from a value of 10 rupees to two shares valued at 5 rupees each.