Patel Engineering clarifies on Kiru HE Project News Articles

Patel Engineering Ltd has clarified on the recently published news articles in relation to the investigation of the Central Bureau Investigation (CBI) on alleged irregularities in the award of - Rs. 2240 crores civil works of Kiru HE Project in Jammu & Kashmir (the Project).

- The CBI searched company's premises in respect of their investigation, based on a complaint received by them. The Company has submitted the required documents and clarifications in respect of award of the said Project and shall submit any further details required by them, as and when called upon in this regard.

- There were no irregularities in the award of the Project and the Company had followed all prescribed document submission & procedural formalities as were required to be followed for the award of the Project, which was awarded after a competitive bidding process.

- The Project being execution of Civil Works for a 624 MW Hydro Project is a key project for J&K, India and is under progress without hinderances with over 400 no. of workers being deployed at site and the Project work is continuing in regular course as on today without any issue.

- Execution of work at other project sites are also going on under normal course.

The Company is fully co-operating with the CBI and shall continue to co-operate with them in the course of its investigation.

Source : Equity Bulls

Keywords

PatelEngineering Clarification CBIInvestigation KiruHydroElectricProject JammuandKashmir