IVRCL spurts on bagging EPC order

Infra firm bagged Rs 3,624-cr turnkey project from Saudi interior ministry

The stock of IVRCL, a leading infrastructure company in the country, was up nine per cent on the BSE, after it bagged a Rs 3,624-crore turnkey engineering, procurement and construction (EPC) project contract from Saudi Arabia's interior ministry.

The stock closed at Rs 14.95, higher by Rs 1.25 or 9.12 per cent on the BSE, with high trading volumes seen during the day. The EPC project would involve the construction of pre-fabricated residential complexes in three locations — Dharan Al Janoube, Al Qahmah and Asir region (ABHA). The work would be completed in about 36 months, the company said in a filing to the BSE.

“A total of about 513 buildings…(are)…to be constructed for the three sites. The built-up area (BUA) for each of these locations runs to approximately 5,388,780 sq ft in total-with 2,753,043 sq ft for Dharan Al Janoube; 1,621,543 sq ft for Al Qahmah and 1,014,195 sq ft for Asir Regions, respectively,” said the notice.  

The work involves creation of schools, fire-fighting buildings, hospitals, shopping centres and residential buildings, it added. Playgrounds, operation and maintenance buildings, warehouses, water treatment buildings, fuel stations and sewage treatment buildings are also a part of the project.

It had earlier announced an order of Rs.405.13 crore on April 29th.

IVRCL is a leading EPC and infrastructure company in India.