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Siemens Ltd, the flagship company of Germany-headquartered Siemens AG, today said it has won two contracts worth Rs 144 crore for improving power distribution in Bangladesh.
"Siemens has won two contracts aggregating Rs 144 crore from Rural Electrification Board, Bangladesh to construct 38 new substations," the company said in a statement.
The projects are funded by Japan Bank for International Cooperation Agency (JICA) and are to be delivered on a turnkey basis, the statement said adding that the plants would be located in the Rajshahi Barisal zones in western Bangladesh.
The projects involve installing new and improving existing distribution facilities in the rural region west of Jamuna river.
"The company aims to achieve an efficient power supply by reducing power distribution losses, strengthening and stabilising the power supply system, thereby contributing to the progress and economic development in the neighbouring nation," the statement said.
"Projects in rural electrification play a crucial role in not only upgrading the existing system but bringing in our expertise towards a sustainable solution for the energy network," Tilak Raj Seth, Executive Vice President, Infrastructure & Cities, South Asia, Siemens Ltd said in the statement.
Shares of the company were trading at Rs 431.40 apiece, up 0.77% on the BSE.
