Patel Engineering receives LOA for the Design & Construction of Water Tunnel and Allied works in Raigad District from CIDCO worth Rs. 519.50 Crores

Patel Engineering Limited (NSE - PATELENG & BSE - 531120), one of the pioneers in integrated infrastructure and construction services in India has been awarded the Letter of Acceptance (LOA) from City and Industrial Development Corporation (CIDCO) for the construction of a 6.70 km long treated water tunnel and associated works from Sai Village to Vindhane Village in Raigad District, Maharashtra. The water tunnel project worth Rs. 519.50 crores is going to be executed without any joint venture partnership.

Mr. Rupen Patel, Chairman & Managing Director, Patel Engineering Limited said, "We are honored to have been awarded this prestigious project and express our sincere gratitude towards all authorities and stakeholders. Patel Engineering Limited is committed to delivering exceptional infrastructure solutions that positively impact the lives of people. This project demonstrates our technical prowess and engineering skills along with excellent execution capabilities."

Patel Engineering Limited's strong track record in executing similar projects played a pivotal role in securing the LOA. The construction of the long-treated water tunnel and allied works are expected to be delivered in 60 months, as stipulated in the bid. The company's expertise in tunneling, underground works for hydroelectric, and infrastructure development positions them well to successfully complete the project within the stipulated timeframe. Throughout the project, the company will prioritize quality with technological capabilities, excellence, and environmental sustainability.

Shares of Patel Engineering Limited was last trading in BSE at Rs. 27.22 as compared to the previous close of Rs. 25.93. The total number of shares traded during the day was 837745 in over 1057 trades.

The stock hit an intraday high of Rs. 27.22 and intraday low of 26.00. The net turnover during the day was Rs. 22763643.00.

Source : Equity Bulls

Keywords

PatelEngineering INE244B01030 LOA CIDCO