Tata Projects Ltd has won the contract of constructing the new Parliament building at a cost of Rs 861.90 crore, beating Larsen and Toubro, which had bid Rs 865 crore for building the new Parliament building, media reports said.
The construction of the new Parliament building will reportedly be completed in 1-2 years.
Tata won the contract after Central Public Works Department (CPWD) opened financial bids on Wednesday. "Tata Projects Limited has won the contract to build a new Parliament building," an official said.
The new Parliament building will be constructed close to the existing one under the Central Vista redevelopment project.
The new building is said to be designed as a triangle. It will be built close to the existing complex, say officials, on what is described as "Plot Number 118" of the Parliament House Estate.
The CPWD said the existing Parliament building will continue to function during the entire period of execution of the project.