Patel Engineering shares rise 4% as JV declares lowest bidder for irrigation project

The works involves construction of pipe line distribution network for Nira Deoghar Right Bank Main Canal from Km 66 to Km 76.

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Patel Engineering share price gained 4 percent in the early trade on September 15 after the company’s joint venture declared the lowest bidder for an irrigation project of Rs 249.96 crore from Maharashtra Krishna Valley Development Corporation.

Patel Engineering share (40 percent) in the contract is Rs 99.98 crore.

The work involves the construction of pipe line distribution network for Nira Deoghar Right Bank Main Canal from Km 66 to Km 76.

The project is to be completed in a period of 30 months.

The said project is located in the state of Maharashtra, Village – Waghoshi to Kapadgaon, Taluka -Khandala, District – Satara and the project is to be executed in a Joint Venture.

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In September, the company, along with its JV Partner, received a letter of award for an urban infrastructure development project of Rs 1,275.30 crore from Madhya Pradesh Jal Nigam. The company’s share in the project – being a 35-percent partner in the JV – is Rs 446.36 crore.

Projects win in August

Patel Engineering and its JV partner had received a letter of award for Dibang Multipurpose Project for the construction of civil works for Lot-4 from NHPC Limited. The company’s share in the contract is Rs 1,818.56 crore.

The Government of Madhya Pradesh Undertaking declared Patel Engineering as the lowest bidder in a joint venture (JV) deal for a Rs 1,275.30-crore contract for engineering, procurement, construction, testing, commissioning, trial run, and operation and maintenance for 10 years for the Narmada-Gambhir, District Ujjain, and Indore multi-village drinking water supply schemes in a single package on a turn-key basis. The company’s share in the contract is 35 percent, or Rs. 446.36 crore, for the project, which has a timeframe of 24 months.