Patel Engineering Ltd.’s shares were up by 3.45 per cent after the company secured an Urban Infrastructure Development Project valued at Rs. 1,275.30 crore from Madhya Pradesh Jal Nigam. Following its selection as the lowest bidder (L1), the company, in conjunction with its Joint Venture (JV) partner, was awarded this project.
Patel Engineering Limited, holding a 35 per cent stake in the JV, will contribute Rs. 446.36 crore to this project. The undertaking encompasses a range of activities, including Engineering, Procurement, Construction, Testing, Commissioning, Trial runs, and Operation and Maintenance for 10 Years. It focuses on the Narmada-Gambhir Multi-Village Drinking Water Supply Scheme in District Ujjain and Indore, all to be executed under a ‘Turn-key Job Basis.’
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With a completion timeline of 24 months and an additional 10-year commitment for operations and maintenance, this project is located across Ujjain and Indore, Madhya Pradesh.
The shares were up by 3.45 per cent to Rs. 58.44 at 1 p.m. on the BSE.