Patel Engineering (PEL) said that its joint venture has been declared the lowest bidder (L-1) for a Rs 1,090.45 crore project awarded by the Maharashtra Krishna Valley Development Corporation, Pune.
The project involves the construction of a pipe line distribution network for the Nira Deoghar Right Bank Main Canal and its distributaries in Kalaj Village, Phaltan Taluka, Satara District, Maharashtra.
The scope of work encompasses excavation and refilling for pipe trenches, the provision and installation of pipes, various types of valves, chambers, and outlets, and the testing of the pipeline with all valves and outlets.
The project also includes a five-year operations, repairs, and maintenance period following project completion.
The project is to be completed in a period of 36 months. It would be executed via a joint venture (JV) and PELs share in the JV is 20%.
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Patel Engineering is a construction company specializing in the hydropower and irrigation segments. It is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures, and other kinds of heavy civil engineering works.
The companys consolidated net profit rose 14.49% to Rs 80.42 crore on a 13.61% increase in revenue from operations to Rs 1,205.5 crore in Q3 FY25 as compared with Q3 FY24.
The scrip fell 2.79% to currently trade at Rs 43.28 on the BSE.
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