Patel Engineering along with its Joint Venture Partners (JV) has been declared the lowest bidder (L1) for Rs 1,567 crore projects in Madhya Pradesh and Maharashtra state. The Company share in these new orders is Rs 1,006 crore. These orders include construction of a Pressure irrigation system to supply water through the Rising/ Gravity mains by pressurized pipeline system for micro irrigation under Rihand Micro Irrigation Project, State of Madhya Pradesh and investigation, design, construction, testing, commissioning of works comprising of civil and allied works under lift irrigation scheme no 1 and 2 of Krishna Marathwada Irrigation Project, Dist. Osmanabad, State Maharashtra. All the Projects are scheduled to be completed in a period of 36 months.
The continuous order inflows shall give a visibility of growth of revenues for the coming years and shall enable the company to increase the bottom line. Further, the company recently received fresh funds of around Rs 90 crore under Niti Aayog guidelines against bank guarantee for an Arbitration Award. The funds received has been utilized for reduction of debt.
Patel Engineering provides a wide range of civil engineering services involved in design and construction of power projects, hydroelectric projects, commercial building, industrial complexes, dams, tunnels, underground structures, steel and concrete structures, bridges, marine works, flyovers and national highways in India and abroad.
