Patel Engineering’s shares were up nearly 3 per cent after the company reported emerging as the lowest bidder for a drinking water supply project in Madhya Pradesh valued at Rs 1,275.30 crore.
The project, awarded by Madhya Pradesh Jal Nigam encompasses Engineering, Procurement, Construction, Testing, Commissioning, Trial runs, and Operation and Maintenance of a water supply project in Ujjain and Indore, for ten years.
The agreement specifies a 24-month project completion deadline and a 10-year commitment to run and maintain the system. The project’s geographical scope spans Ujjain and Indore, and is being executed in a joint venture, with Patel Engineering’s share at 35 per cent, equivalent to Rs. 446.36 crore.
The shares were up by 2.95 per cent to Rs. 57 at 12.08 p.m. on the BSE.