Patel Engineering JV bags irrigation projects worth Rs 841 crores in Maharashtra and the company's shares surge more than 3 percent.Patel Engineering Joint Venture has received Letter of Awards for Krishna Marathwada Irrigation Project – Lift Irrigation Scheme 01 & Krishna Marathwada Irrigation Project – Lift Irrigation Scheme 02 respectively from the Water Resources Department, Government of Maharashtra, where the Joint Ventures were declared L1 earlier.The Company is a 51 percent partner in JV for Scheme 01 Project & 60 percent partner in a JV in Scheme 02 Project, Patel Engineering’s share in aggregate for these two projects is Rs 451.28 crore. The total value of these EPC Turnkey Basis contracts is Rs. 841 crore which has to be executed in 36 months. The company will be involved in the Investigation, design, construction, testing, and commissioning of works comprising civil & allied works under lift irrigation Scheme no.1 and Scheme no.2 of Krishna Marathwada Irrigation Project, Dist. Osmanabad, State Maharashtra. The Company bagged multiple orders last month, aggregating more than Rs 3,000 crore.Rupen Patel, Chairman and Managing Director, of Patel Engineering Limited says, ‘We are extremely happy for being awarded these projects which once completed would help in tackling the problem of drought in the suicide-prone Marathwada region.’Lst month as well, the company had won another project. It received Letter of Acceptance for Tumkur Branch Canal Micro Irrigation Project from Visvesvaraya Jala Nigama Limited . The company being the 51 percent partner in the JV, has Rs 281 crore share in the project.Patel Engineering is a 73-years old company established in the year 1949, specializing in the hydropower generation and irrigation segments. The company is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works.Shares of Patel Engineering’s are trading with a healthy gain of more than 3 percent in today’s trade. In past one month, the shares of the company have risen more than 40 percent.Read all market updates here
