Patel Engineering Ltd receives LOIs for excavation & related works for South Eastern Coalfields Ltd

Patel Engineering Ltd has received two Letter of Intents from Saidax Engineers and Infrastructures Pvt Ltd for the execution of excavation and associated works and transportation of coal at a project located at Jhiria West OCP of Hasdeo Area, Bilaspur, Chhattisgarh, for South Eastern Coalfields Limited (SECL).

The total project value for both letter of intents combined is ₹ 798.19 crores (excluding taxes).

The combined scope of work includes "Composite Work Overburden Removal including Rehandling, Coal Cutting by Surface Miner, Loading and Transportation of Coal as well as Hiring of all required plant and equipment, supply of required quantity of diesel and complete maintenance of plant and equipment, required staff and labour for execution of works.

With a proven track record in large-scale infrastructure projects, Patel Engineering Ltd. is wellpositioned to execute this work seamlessly. Commenting on the development, Managing Director Ms. Kavita Shirvaikar said: "These new projects represents a natural extension of the large-scale infrastructure works we undertake and also open up new avenues. Importantly, these works come in addition to a robust tender pipeline of more than ₹34,000 crores already bid and under evaluation, as well as further opportunities worth ₹18,000 crores expected to come up for bidding before the end of this financial year. Looking ahead, nearly ₹1 lakh crores of projects are anticipated to come up for bidding over the next one to two years in the core areas that we operate. With these opportunities, we are confident that our order book will grow substantially in the coming year and beyond."

Shares of Patel Engineering Limited was last trading in BSE at Rs. 33.16 as compared to the previous close of Rs. 31.92. The total number of shares traded during the day was 205653 in over 809 trades.

The stock hit an intraday high of Rs. 33.48 and intraday low of 32.10. The net turnover during the day was Rs. 6786930.00.

Source : Equity Bulls

Keywords

PatelEngineering INE244B01030 LOIs SaidaxEngineersandInfrastructures