HCC bags contracts worth Rs 208 crore

The company has won contracts from BMC

Engineering firm Hindustan Construction Company (HCC) has bagged two contracts worth Rs 208 crore from BrihanMumbai Municipal Corporation (BMC) and a petrochemical company.

"The Rs 208 crore contracts include laying 1.765-km MS pipeline for BMC and construction of off-gas cracker and linear low-density polyethylene (LLDPE) process units for a petrochemical company," a release issued here said.

Beside these orders, HCC has secured L1 positions in nine tenders aggregating to Rs 3,092 crore in which the company's share is pegged at Rs 2,964 crore.

These L1 positions include three tenders in the hydro-power segment and six tenders in the road segment for which the final work orders are awaited, the release added.

"It has been the company's endeavour in the last few quarters to procure more contracts and recover its outstanding dues with its clients," Group Chief Financial Officer Praveen Sood said.

He added that Delhi High Court's order dated September 22 directing payment of Rs 225 crore to the company on its furnishing bank guarantee to the court, to the extent of 50 per cent of value, in respect of dispute arising out of extension of time claim in Allahabad Bypass Road project vindicates the company's position in respect of awarded claims.

"The latest order by the Delhi High Court vindicates HCC's position in respect of awarded claims. This also paves the way for payment of concluded arbitral awards to the tune of about more than Rs 1,000 crore," Sood said.