Industrial building construction company Shashijit Infraprojects has been awarded a Letter of Intent (LOI) for the construction of commercial buildings by Gujarat-based Shree Hari Developers. The project will come up opposite to OIDC Industrial Estate in the Union Territory of Daman.

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"Received LOI for the development of a commercial building valued at approximately Rs 120 million," it said in a statement.

Shashijit Infraprojects is a prominent player in the construction industry in Gujarat. The latest order will contribute to the state's growth and take forward the construction activities in the western state which is one of the richest states with higher growth in the country.

"It underscores steadfast commitment to excellence and capability to consistently deliver infra projects. outstanding results. This will not only transform into a resounding success but shall become an exemplary representation of innovation and excellence," Ajit Jain, chairman and MD, said.

Shashijit serves a wide range of sectors including heavy and light engineering, textile, chemical, healthcare and pharma, residential and commercial real estate and more. It has already delivered over 100 industrial buildings.

The infrastructure sector is crucial for economic growth. It is directly linked with the economic development of a country and influences the production and distribution activities.

The sector not only ensures that labour and capital move freely inside and outside of the economy but also enables numerous work opportunities and job creation. 

In July this year, according to a Reuters report, India's infrastructure output grew by 8 per cent YoY with expansion across all sectors. Infrastructure output comprises eight sectors including coal and electricity. In the first four months of the current financial year 2023-24 which started on April 1, the country's infrastructure output rose 6.4 per cent YoY, according to the government data.