Patel Engineering Shares Gain on Irrigation Project Win
Patel Engineering’s share price gained 4 percent on September 15 after the company’s joint venture was declared the lowest bidder for an irrigation project worth Rs 249.96 crore from Maharashtra Krishna Valley Development Corporation.
The project involves the construction of a pipe line distribution network for the Nira Deoghar Right Bank Main Canal from Km 66 to Km 76. The project is to be completed in a period of 30 months.
Patel Engineering’s share in the contract is Rs 99.98 crore.
This is the latest in a series of project wins for Patel Engineering. In September, the company, along with its JV Partner, received a letter of award for an urban infrastructure development project of Rs 1,275.30 crore from Madhya Pradesh Jal Nigam. The company’s share in the project is Rs 446.36 crore.
In August, Patel Engineering and its JV partner received a letter of award for the construction of civil works for Lot-4 of the Dibang Multipurpose Project from NHPC Limited. The company’s share in the contract is Rs 1,818.56 crore.
The company has also been declared the lowest bidder in a joint venture (JV) deal for a Rs 1,275.30-crore contract for engineering, procurement, construction, testing, commissioning, trial run, and operation and maintenance for 10 years for the Narmada-Gambhir, District Ujjain, and Indore multi-village drinking water supply schemes in a single package on a turn-key basis. The company’s share in the contract is 35 percent, or Rs. 446.36 crore, for the project, which has a timeframe of 24 months.
These project wins are a positive sign for Patel Engineering, as they indicate that the company is well-positioned to benefit from the government’s focus on infrastructure development.
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