Shares of Patel Engineering were locked in a 5 percent upper circuit at Rs 57.01 on August 28, as the company along with its joint venture received a letter of award for the Dibang multi-purpose project in Arunachal Pradesh.
The order is for the construction of head race tunnels, including intake, pressure shafts, penstocks, power house and transformer cavern, tail race tunnels, pothead yard, adits etc. for the multi-purpose project.
The total value of the contract is Rs 3,637.12 crore. “The company being 50 percent partner in the JV, our share in the project is Rs 1,818.56 crore,” said Patel Engineering in an exchange filing.
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The execution period for the project is 86 months, the company said in the exchange filing.
Patel Engineering specializes in the hydropower generation and irrigation segments. It is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works and has executed a variety of infrastructure projects in the hydropower, irrigation and water supply, urban infrastructure and transportation segments primarily as civil contractors.
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