Patel Engineering bags Rs 447-crore order

Construction company Patel Engineering said on Monday that it 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.


— Agencies