Patel Engineering in JV bags irrigation project from Maharashtra Krishna Valley Development Corporation

Maharashtra Krishna Valley Development Corporation, Pune has awarded a contract valued at Rs. 958.33 crore to Patel Engineering Limited ("Company" or "PEL") along with its JV partner, for the construction of Pipe Line Distribution Network for Nira Deoghar Right Bank Main Canal KM 87 to 135 and its Distributaries, Minor off taking between KM 65 to KM 135.

PEL had earlier been declared L1 (lowest bidder) for this project.

The project, scheduled for completion within a period of 36 months, is located in the state of Maharashtra, in Village Kalaj, Taluka Phaltan, District Satara. It will be executed through a Joint Venture, in which PEL's share is 20%.

The scope of works includes construction of Pipe Distribution Network involving excavation & refilling for pipe trenches, structures providing, supplying, jointing, lowering, laying of pipes, various types of valves, chambers and outlets, testing Pipeline with all valves, outlets, etc. with an Operations, Repairs and Maintenance period for 5 years after completion of works.

Ms. Kavita Shirvaikar, Managing Director, Patel Engineering Limited said, "We are pleased to have been awarded this project by the Maharashtra Krishna Valley Development Corporation. This project represents a significant step forward in enhancing irrigation infrastructure in the region and will play a crucial role in improving agricultural productivity and water management efficiency. At Patel Engineering Ltd., we view this as more than just a construction project-it is a long-term investment in the prosperity of rural communities and the resilience of our agricultural ecosystem."

Shares of Patel Engineering Limited was last trading in BSE at Rs. 41.86 as compared to the previous close of Rs. 41.93. The total number of shares traded during the day was 597259 in over 2616 trades.

The stock hit an intraday high of Rs. 42.30 and intraday low of 41.42. The net turnover during the day was Rs. 24999902.00.

Source : Equity Bulls

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PatelEngineering INE244B01030 JV OrderWin