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Power Mech Projects shares hit 52-week high on order win worth Rs 9,294.14 crore

The project has been awarded to a consortium led by Power Mech. It holds 74% equity stake in the consortium and AMR India holds 26% stake.

June 28, 2021 / 11:53 AM IST
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Power Mech Projects share price touched a 52-week high of Rs 768, rising nearly 15 percent intraday on June 28 after bagging order worth Rs 9,294.14 crore.

" ...... (consortium of PMPL- AMR India) got awarded a project by Central Coal Fields (A Miniratna Subsidiary Company of Coal India Limited) for the development and operationalization of Kotre Basantpur Pachmo Project, Jharkhand, in Mine Developer Cum Operator (MDO) mode for extraction of Coking Coal, company said in the release.

The project has been awarded to a consortium wherein Power Mech is the consortium leader with 74% equity stake and AMR India will hold 26% stake.

The project has total coal extraction capacity of approximately 105 million MT with an annual capacity of 5 million MT and over burden removal during the project period is over 539 MBCM.

The concession period is 25 years including two years of development period with an option of extending the contract for a period of another 10 years with the consent of both the parties (with this the total contract period will extend up to 35 years

"Power Mech Projects Limited has been a leading player in the infrastructure sector and has developed an expertise in projects of this scale and magnitude. This project is a strategic step forward in the Company's journey, utilizing the technical know-how and further establishing the company's position," said Sajja Kishore Babu, Chairman and Managing Director at Power Mech Projects.

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first published: Jun 28, 2021 11:53 am