Patel Engineering bags Rs 447 cr orders
Construction company Patel Engineering Ltd today said it has bagged Rs 447 crore contracts from National Highways Authority of India (NHAI) and the Municipal Corporation of Greater Mumbai.
By PTI |
MUMBAI: Construction company Patel Engineering Ltd today said it has bagged Rs 447 crore contracts from National Highways Authority of India (NHAI) and the Municipal Corporation of Greater Mumbai.
The company bagged a Rs 410 crore annuity-based Build-Operate-Transfer (BOT) project from NHAI and a Rs 37.13 crore contract from Municipal Corporation of Greater Mumbai for the modernisation of sewage system, Patel Engineering informed the Bombay Stock Exchange.
The project on NH-7 in Karnataka, would generate a total revenue of Rs 1,185.84 crore and work on the project is expected to commence from December this year, it added.
"Until recently, most highway projects were structured as cash contracts. This pattern is now changing towards annuity based BOT and BOOT projects with emphasis on Public - Private Partnership," Patel Engineering Managing Director Rupen Patel said.
Patel Engineering, as part of its growth strategy, is moving towards annuity-based projects in road construction and looking at opportunities in the hydropower sector as an independent power producer, he added.
The NHAI project is for design, construction, development finance, operation and maintenance of a stretch of 60.4 km on National Highway NH-7 route near the Andhra Pradhesh-Karnataka border to Avathi Village.
Besides this, the project also involves improvement, operation and maintenance of a three-km stretch and a four-km stretch on NH-7 in Karnataka under the North- South Corridor (NHDP Phase II).
Shares of the company were trading at Rs 233, up 1.95 per cent, on the BSE on Monday.
The company bagged a Rs 410 crore annuity-based Build-Operate-Transfer (BOT) project from NHAI and a Rs 37.13 crore contract from Municipal Corporation of Greater Mumbai for the modernisation of sewage system, Patel Engineering informed the Bombay Stock Exchange.
The project on NH-7 in Karnataka, would generate a total revenue of Rs 1,185.84 crore and work on the project is expected to commence from December this year, it added.
"Until recently, most highway projects were structured as cash contracts. This pattern is now changing towards annuity based BOT and BOOT projects with emphasis on Public - Private Partnership," Patel Engineering Managing Director Rupen Patel said.
Patel Engineering, as part of its growth strategy, is moving towards annuity-based projects in road construction and looking at opportunities in the hydropower sector as an independent power producer, he added.
The NHAI project is for design, construction, development finance, operation and maintenance of a stretch of 60.4 km on National Highway NH-7 route near the Andhra Pradhesh-Karnataka border to Avathi Village.
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Besides this, the project also involves improvement, operation and maintenance of a three-km stretch and a four-km stretch on NH-7 in Karnataka under the North- South Corridor (NHDP Phase II).
Shares of the company were trading at Rs 233, up 1.95 per cent, on the BSE on Monday.
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