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HomeMarket NewsPower Mech secures ₹109 crore Hindustan Zinc order; shares rise
Power Mech wins ₹109.22 crore Hindustan Zinc contract to operate and maintain 91.5 MW captive power plant for 48 months, shares rise 4.61% despite six month slump
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Power Mech Projects Ltd. has secured an order worth ₹109.22 crore from Hindustan Zinc Ltd. for operation and maintenance services, the company announced on Wednesday, April 1.
The contract involves comprehensive operation and maintenance of a 91.5 MW captive power plant (CPP) along with the associated transmission line up to the main receiving substation (MRSS), the company said in an exchange filing.
Power Mech will execute the project as an independent contractor, with the order scheduled to be completed within a period of 48 months.
Power Mech said the contract is domestic in nature and does not fall under related-party transactions. It also clarified that neither its promoter group nor associated entities have any interest in Hindustan Zinc.
The order strengthens the company’s operations and maintenance portfolio in the power sector, following a ₹709.56 crore contract secured in March from Adani Infrastructure Management Services Ltd for a thermal power plant in Maharashtra.
The Hyderabad-based company had also secured two orders worth nearly ₹1,000 crore in February this year from Adani subsidiary Mirzapur Thermal Energy (UP) Private Limited and Mahan Energen Limited.
Following the announcement, shares of the company were trading 1,812.70 as of 10.52 am. The stock has declined 33.62% over the last six months.
