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HomeMarket NewsPower Mech enters urban mobility with ₹296 crore Mumbai Monorail contract
Power Mech wins ₹296 crore five year O and M contract from MMMOCL for Mumbai Monorail, marking its entry into urban mobility, shares rise nearly 6%.
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Power Mech Projects Ltd. on Friday, April 10, said it has secured a ₹296 crore operations and maintenance (O&M) contract from Maha Mumbai Metro Operation Corporation Ltd. (MMMOCL) for the Mumbai Monorail project.
The contract covers operations and maintenance of the 19.54 km corridor with 17 stations, spanning from Sant Gadge Maharaj Chowk to Chembur, for a period of five years, the company said in a press release filed with the exchanges.
Under the agreement, Power Mech will undertake comprehensive O&M services, including managing rolling stock operations and upgraded Communication-Based Train Control (CBTC) signalling systems.
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The company said the contract marks its entry into the urban mobility segment, expanding beyond its core operations in power and infrastructure services.
Chairman and Managing Director Sajja Kishore Babu said the project strengthens the company’s position as a key O&M player and creates synergies between its industrial operations expertise and the specialised requirements of urban transit systems.
"This contract signifies PMPL’s entry into the urban mobility sector and reinforces our position as a prominent O&M company in the nation’s rapidly expanding infrastructure sectors," he said.
The Mumbai Monorail, operational since 2014, is India’s only straddle monorail system and is expected to see increased ridership with improved connectivity to other transport networks.
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Power Mech said it will deploy trained personnel to ensure high standards of safety, reliability and service quality, while supporting MMMOCL in enhancing passenger experience.
The company, which has a strong presence in power plant O&M, has been diversifying into infrastructure segments such as railways, water projects and renewables, aligning its growth strategy with opportunities under India’s infrastructure push.
Shares of the company were trading /span>/span>2,202.10 as of 12.24 pm. The stock has declined more than 15% over the past year.
