Vascon Engineers Ltd

Vascon Engineers Ltd

Vascon Engineers Ltd is engaged in the business of Engineering Procurement and Construction (EPC0 services and Real Estate Development with operations in a number of states and union territories in India. The company provide EPC services and develop real estate directly or indirectly through their subsidiaries and the other development entities.The company's EPC services include constructing factories hospitals hospitality properties office and residential complexes shopping malls multiplexes IT parks and other buildings. They also engage in the identification and acquisition of land; ownership and operation of projects; and the development of residential and office complexes shopping malls multiplexes hospitality properties IT parks and other buildings.Vascon Engineers Ltd was incorporated in on January 1 1986 as a private limited company with the name Vascon Engineers Pvt Ltd. The company commenced their business as an EPC services company and then they diversified into the real estate development including owning and operating selected projects directly or indirectly through their subsidiaries and the other development entities.In November 1986 the company completed their first contractual project namely the construction of a factory for Cipla Ltd at Patalganga. In December 1996 they completed the first project in the hospitality sector Vista Do Rio Resorts at Goa.In August 25 1997 the company became a deemed public limited company and the name was changed to Vascon Engineers Ltd. In January 1999 the company completed the construction of Cipla Foundation's Palliative Care and Training Centre at Pune. In July 2000 they commenced the construction of townships project namely Marigold.In March 2003 the company completed the construction of bungalows project Paradise which consists of 36 stacked bungalows at Baner in Pune Maharashtra. Also they completed the construction of IT Park Marisoft - I at Kalyani Nagar in Pune.In August 2005 the company completed the construction of Nucleus Mall a project in the shopping and entertainment sector at Pune Maharashtra. In December 7 2006 the company was converted into a public limited company.During the year 2006-07 Clover Resorts Pvt Ltd merged with the company with effect from April 1 2006. The company also acquired the assets of Vascon Hadapsar Ventures in which the company was a partner pursuant to a deed of retirement cum dissolution dated May 29 2007. In May 2009 the company obtained their first government contract for the construction of a hospital for National Building Construction Corporation Limited in Chennai.As of December 31 2009 the company had completed an aggregate of 181 EPC Contracts with a total contract value of Rs. 8888.70 million. Also they had completed 157 EPC Contracts with a total contract value of Rs. 6562.81 million for third parties.As of December 31 2009 the company was engaged in 47 EPC Contracts with an estimated total contract value of Rs 18912.66 million and has an Order Backlog of Rs. 12147.36 million.During the year 2009-10 Company completed Initial Public Offering of 10800000 Equity Shares of Rs. 10/- each at a premium of Rs. 155/- per Equity Share which was open from January 27 2010 to January 29 2010 and the resultant the Company's shares were listed on Bombay Stock Exchange Limited and National Stock Exchange of India Limited on February 15 2010. During 2009-10 Company acquired one new subsidiary Caspia Hotels Private Limited. Rose Premises Private Limited ceased to be a subsidiary of the Company due to sale of shares. The Global Management Headquarters Project for Suzlon Energy at Hadapsar Pune which costed Rs 936 million was completed in FY 2010. Other projects such as Matrix IT Park located at Shivajinagar Pune Maharashtra Weikfield IT City Info Park - C Block was completed in year 2010. The Company purchased GMP Technical Solutions Private Limited an Integrated provider of Engineering services in August 2010. It acquired two new companies Almet Corporation Limited and Marathwada Realtors Private Limited in 2011-12.Angelica Properties Private Limited Sunflower Real Estate Developers Pvt. Ltd. Sansara Developers Pvt. Ltd. Shreyas Strategies Pvt. Ltd. became Subsidiary of Company during FY 2016. The Company acquired balance 35% shares in Greystone Premises Pvt. Ltd. making it a wholly owned subsidiary of the Company in 2016.In FY2017-18 it launched both residential and commercial projects namely: Forest Edge and Platinum Square respectively. Company's Project Forest Edge; in addition to these it had also launched affordable housing schemes under the Brand name of Vascon Good Life at Katvi Talegaon during FY 2018. On 11 August 2017 Vascon Values Homes Private Limited was incorporated as Wholly Owned Subsidiary of Company. 11 Subsidiaries namely Angelica Properties Private Limited Floriana Properties Private Limited Greystone Premises Private Limited It-Citi Infopark Private Limited Vascon Dwellings Private Limited Vascon Pricol Infrastructures limited Wind Flower Properties Private Limited Just homes india Private Limited Shreyas Strategists Private Limited Sansara Developers India Private Limited Sunflower Real Estate Developers Private Limited were merged with Company w.e.f. 21st June 2017. During the year 2017-18 through approval of slump sale of Mumbai Division of M/s GMP Technical Solutions the Business Transfer Agreement was executed between GMP Technical Solutions Pvt. Limited and M/s Innovative Core Solutions Private Limited for a consideration of Rs. 18 cr. on 16th November 2017.During year 2018-19 Vascon EPC Limited was incorporated as Wholly Owned Subsidiary of Company effective on January 7 2019. Vascon Saga Construction LLP was incorporated as Joint Venture with Saga Infra Solutions on February 27 2019. During year 2021-22 Vascon has sold its stake in its Associate Company namely: Cosmos Premises Private Limited to Royal Orchid Hotels Limited on February 17 2022 and thus Cosmos Premises Private Limited ceases to be a Associate Company of Vascon. Pursuant to acquisition of 92% stake in River Shore Developers Private Limited the said Company is now the subsidiary of Company in 2022.