JMC Projects signs agreement with FDC, Maldives

JMC Projects (India) Limited (JMC), India's leading Civil Engineering and EPC Company has signed an agreement with Fahi Dhiriulhun Corporation Limited (FDC), a state-owned company of the Government of the Republic of the Maldives, for the design, finance and construction of 2,000 social housing units in Hulhumale Island of Maldives.

The total value for this project is estimated to be around USO 137 Million (~Rs.1,000 Crores) and is planned to be financed via a loan from multilateral funding agency. The financial closure of the project is expected to conclude soon and construction on the project will commence after the financial closure.

Commenting on the development, Mr. S. K. Tripathi (CEO & Dy. Managing Director) said, "The signing of the agreement with FDC is a landmark event in JMC's growth journey. The project is a milestone and testament to our ability to deliver major projects to the highest quality and within tight time frames. Our international business has expanded its presence further with this project in Maldives. This will strengthen our international order book and reinforces our thrust to diversify in the international EPC rnarket."

Shares of JMC PROJECTS (INDIA) LTD. was last trading in BSE at Rs.79.25 as compared to the previous close of Rs. 78.5. The total number of shares traded during the day was 81167 in over 657 trades.

The stock hit an intraday high of Rs. 82 and intraday low of 75. The net turnover during the day was Rs. 6440161.

Source : Equity Bulls

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