After the company’s consortium received letters of awards (LOAs) for the Krishna Marathwada Irrigation Project from the Water Resources Department, Government of Maharashtra, its stock price increased by 2.69% to Rs 20.49. The business and the other parties to its joint venture were previously recognised as the L1 (lowest) bidders for the aforementioned project. The contract, which is based in the Maharashtra district of Osmanabad, calls for investigation, design, construction, testing, and commissioning of civil and auxiliary works for the Krishna Marathwada Irrigation Project’s lift irrigation schemes 01 and 02.
The company’s total share for these two projects, for which it is a 51% partner in a JV under Scheme 01 and a 60% partner in a JV under Scheme 02, is Rs. 451.28 crore. The project has a 36-month deadline for completion. Patel Engineering’s chairman and managing director, Rupen Patel, expressed his company’s joy at receiving the contracts for these projects, which once finished would aid in resolving the drought issue in the Marathwada region.
In order to increase agricultural productivity in the nation, the government has been concentrating on and supporting the irrigation sector, and we are expanding our presence there. A construction firm with a focus on irrigation and hydropower generation is called Patel Engineering. It primarily acts as a civil contractor for the construction of dams, bridges, tunnels, roads, industrial structures, and other heavy civil engineering projects. It has also completed a number of infrastructure projects in the hydro power, irrigation and water supply, urban infrastructure, and transportation sectors.