Tata Projects Ltd on Wednesday, 16 September, beat Larsen and Toubro and won the contract to construct a new Parliament building at a cost of Rs 861.90 crore, reported NDTV.
Larsen and Toubro had reportedly submitted a bid of Rs 865 crore, after the Central Public Works Department (CPWD) opened the financial bid on Wednesday.
According to NDTV, the new building will be designed in the shape of a triangle, and CPWD had estimated a cost of Rs 940 crore.
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The expected time of completion of the project is one year.
Further, as reported by NDTV, the present Parliament building will go through repair and renovation and be used for other purposes. The government had previously said that the new Parliament building was being constructed, as the present one was “showing signs of distress and over-use”.
The present Indian Parliament was completed after six years of construction, in 1927.
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