Patel Engineering wins contract worth ₹711 crore for hydropower project in Arunachal Pradesh

Patel Engineering shares are in focus on Wednesday, May 21, after the company said it received a letter of acceptance for a contract worth ₹711.29 crore from the North Eastern Electric Power Corporation Ltd (NEEPCO) for a hydropower project in Arunachal Pradesh.

The 240 MW HEO hydropower project will be located in the Shi Yomi district of Arunachal Pradesh. It is slated to be completed within 44 months on an engineering, procurement and construction (EPC) basis.

The contract involves the construction of civil and associated infrastructure works and the testing & commissioning of hydro-mechanical plant & machinery.

"This order further cements our position as a trusted partner for building critical infrastructure for India’s power sector and strengthens our position in the North-East. Arunachal Pradesh with its vast and largely untapped hydropower potential, is emerging as a key region in India’s renewable energy landscape," Kavita Shirvaikar, Managing Director, Patel Engineering Limited said.

Earlier this month, Patel Engineering said it bagged a ₹1,318.89 crore project for the construction of Kondhane Dam from the City and Industrial Development Corporation of Maharashtra (CIDCO). This project included civil works for the Kondhane dam construction.

Patel Engineering shares ended 3.2% lower at ₹42.24 apiece on Tuesday, May 20. The stock has declined 18.9% in the last six months.

Also Read: Patel Engineering bags ₹1,319 crore order from CIDCO, was declared lowest bidder two weeks ago