Shares of Patel Engineering rose 7 percent to Rs 57.40 apiece in morning trade on August 30 after the company signed a memorandum of understanding (MoU) with RVNL to jointly pursue hydro and infrastructure projects in both domestic and international markets.
According to a regulatory filing, the MoU outlines a collaborative framework that combines the strengths and expertise of both companies to undertake hydro and other infrastructure projects. The agreement will enable both firms to explore opportunities for collaboration across various capacities.
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RVNL and Patel Engineering will collaborate on select hydro and infrastructure projects, combining Patel Engineering’s infrastructure expertise with RVNL’s experience in rail and transport infrastructure.
The MoU allows both companies to bid for projects either jointly or independently. In joint bids, they will coordinate on strategies, structures, and terms to ensure a unified approach.
The MoU emphasises enhancing synergies between the two companies in the hydro and infrastructure sectors, with a shared commitment to excellence and high standards of project execution.
At about 11:30 am, shares of the company were trading at Rs 57, up 6 percent from the last close on the NSE. Patel Engineering shares gained 15 percent in the past month.
Patel Engineering is an Indian infrastructure and construction company specializing in civil engineering projects like roads, railways, bridges, dams, tunnels, hydroelectric powerhouses, irrigation projects, and refineries.
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