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Chennai, Oct 15

Patel Engineering Ltd on October 15 announced that it has enter into an MoU with the Arunachal Pradesh Government for setting up the 100 MW Gongri hydel project in West Kameng district. The project shall be implemented on BOOT basis for a lease period of 40 years from the commercial operation date. The State Government will be given power at the rate of 12 per cent and the expected revenue from the project is Rs 120 crore a year. Mr Ashwin Parmar, Director, said: “Th e company is already executing the Kameng 600 MW hydel project for NEEPCO on cash contract. Therefore, logistics will be easily managed and there will be saving in overhead costs as well.” The shares of the company closed at Rs 653.85, up 5.11 per cent, on the BSE on Monday.

- Our Bureau

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