Patel Engineering secures project worth Rs 176 Crores

Patel Engineering Ltd has announced that the Company has bagged two railway projects worth Rs 176 crores.

The company has been awarded the two projects by Rail Vikas Nigam Ltd, New Delhi. One of the projects has been allotted for the work of all civil engineering and connected general electric works for the construction of road bed facilities, building and box pushing in the existing two ROBS, including miscellaneous works for Palwal-Bhuteshwar third line (81 Km) on North Central Railway for a contract price of Rs 62.05 cr. The second project worth Rs 114.78 cr includes provision of the third track on the Bhatapara-Urkura section on South East Central Railway.

Commenting on the development, Ashwin Parmar, Director, Business Development, of the Company said: "Development of rail network is a key component of infrastructure development in an economy and as a dominant player in the sector, Patel Engineering is playing a pivotal role and these orders will further consolidate its presence in these segments."

The Company had recently acquired a controlling stake in Michigan Engineers Pvt Ltd (MEPL), a Mumbai based urban infrastructure company to provide end-to-end solutions in sewer rehabilitation and urban infrastructure space, which will support the Company to now focus on the explosive growth in urban infrastructure both in metros and tier II cities.

Source : Equity Bulls

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