Patel Engineering bags new order of Rs. 419.70 crore from MCGM

Patel Engineering, a civil construction firm specialising in the hydropower sector, today announced that it has bagged a Rs. 419.70 crore contract with Municipal Corporation of Greater Mumbai (MCGM) for the work of "Construction of Tunnel from Powai to Ghatkopar High Level Reservoir and further upto Ghatkopar Low Level Reservoir".

Patel Engineering Limited is awarded with a contract for Construction of Tunnel from Powai to Ghatkopar High Level Reservoir and further upto Ghatkopar Low Level Reservoir (Remaining Works). The tender was invited by the Municipal Commissioner, for and on behalf of Municipal Corporation of Greater Mumbai (MCGM), on Design-Build basis for construction of approx. 65 m deep shaft at Shipping Corporation of India (SCI) & further construction of approximately 2.8 km long reinforced concrete lined tunnel of 2.2 metres finished diameter from proposed shaft at SCI to Ghatkopar H.L.R (existing shaft) and further upto Ghatkopar L.L.R (existing shaft), using full face rock tunnel boring machine and approx. 400 m long reinforced concrete lined tunnel of 2.2 metres finished diameter from shaft at SCI to existing location of tunnel boring machine (deployed by previous contractor) towards Powai shaft using NATM method and allied works, under National competitive bidding.

The Letter of Acceptance for the contract is issued by MCGM and the works are scheduled to be completed in a period of 51months as per the Contract terms.

Shares of Patel Engineering Limited was last trading in BSE at Rs. 27.05 as compared to the previous close of Rs. 28.15. The total number of shares traded during the day was 252286 in over 1045 trades.

The stock hit an intraday high of Rs. 27.75 and intraday low of 26.80. The net turnover during the day was Rs. 6840788.00.

Source : Equity Bulls

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PatelEngineering INE244B01030 OrderWin MCGM TunnelConstruction