Patel Engineering receives LOA For Rs. 525.36 Crore Contract with Joint Venture Partner in Khammam City, Telangana

Patel Engineering Limited (NSE - PATELENG & BSE - 531120) (PEL), in collaboration with its joint venture partner, has been awarded the Letter of Acceptance (LOA) by the Irrigation & CAD Department, Government of Telangana for a contract valued at Rs. 525.36 crore. This contract entails the construction of a Reinforced Cement Concrete (RCC) Protection Wall of 8.5 km each along both the right and left flanks of the Munneru River, stretching from Polepally to Prakashnagar in the city of Khammam, located in Khammam District.

Additionally, the contract includes the construction of embankments of 2 kilometers each on either side of the River Munneru near the Nagarjuna Sagar Left Bank Aqueduct in Khammam City, further emphasizing the project's comprehensive approach to enhancing the area's irrigation infrastructure and water management systems.

Mr. Rupen Patel, Chairman & Managing Director, Patel Engineering Limited said, "We are honored to be entrusted by the Irrigation & CAD Department, Government of Telangana, with this significant project. This initiative is not just about constructing an RCC Protection Wall and embankments along the Munneru River; it's about laying the foundation for a sustainable future for the Khammam District. Our collaboration on this Rs. 525.36 crore project highlights PEL's dedication to pioneering in the field of infrastructure development, particularly in enhancing irrigation and water management systems. We look forward to working closely with the government and all stakeholders to successfully deliver on our promises and help transform Telangana's landscape for the better."

The awarded project signifies a key advancement in Telangana's infrastructure and irrigation efforts. PEL's involvement underscores its leadership in infrastructure projects, aiming to improve water management and support agriculture in Khammam District. With a 24-month completion goal, this project highlight's PEL's commitment to enhancing community welfare and environmental sustainability in collaboration with the government and local stakeholders.

Shares of Patel Engineering Limited was last trading in BSE at Rs. 68.24 as compared to the previous close of Rs. 68.05. The total number of shares traded during the day was 882980 in over 3719 trades.

The stock hit an intraday high of Rs. 69.49 and intraday low of 67.57. The net turnover during the day was Rs. 60591801.00.

Source : Equity Bulls

Keywords

PatelEngineering INE244B01030 JVPartner LOA OrderWin KhammamCity Telangana