Patel Engineering Ltd in JV declared L1 for Dibang Multipurpose Project worth Rs. 3,637.12 crore

Patel Engineering has emerged as L1 bidder in Financial Bid Opening through e-Reverse Auction for the tender invited by NHPC Limited, for Construction of Civil Works for LOT-4: Comprising Head Race Tunnels including Intake, Pressure Shafts, Penstocks, Power House & Transformer Cavern, Tail Race Tunnels, Pothead Yard, Adits etc. for Dibang Multipurpose Project 2880 MW (12 X 240 MW), located in Arunachal Pradesh, India.

The said Project is to be executed in a period of 86 months. The Project is to be executed in a Joint Venture, of which PEL's share is 50%.

Majority of the Company's order book comprises of projects which are awarded by Central / State Governments or other Government undertakings/ Public Sector Undertakings.

Mr Rupen Patel, Chairman and Managing Director, Patel Engineering Limited said, "The Dibang Hydropower Project is India's largest-ever Hydropower Project which will not only help generate 2,880-megawatt of hydropower once completed but also help with flood control and water storage. We are extremely happy and thrilled to be a part of this mega project which will help shape India's infrastructure as well as contribute to the local surroundings, the people there and the state of Arunachal Pradesh. The Company is currently executing other projects as well in the same state and our experience will help give us an advantage executing this project."

Shares of Patel Engineering Limited was last trading in BSE at Rs. 15.01 as compared to the previous close of Rs. 14.86. The total number of shares traded during the day was 522118 in over 1356 trades.

The stock hit an intraday high of Rs. 15.39 and intraday low of 14.74. The net turnover during the day was Rs. 7864832.00.

Source : Equity Bulls

Keywords

PatelEngineering INE244B01030 L1Bidder eReverseAuction NHPC