Home / Business and Economy / Patel Engg Stock Soars on Rs 798 Cr Chhattisgarh Coal Deals
Patel Engg Stock Soars on Rs 798 Cr Chhattisgarh Coal Deals
27 Nov
Summary
- Patel Engineering secured two Letters of Intent totaling Rs 798.19 crore.
- The contracts are for coal excavation and transportation projects in Chhattisgarh.
- These nine-year projects were awarded by South Eastern Coalfields Limited.
Patel Engineering's shares experienced a notable increase following the announcement of securing two significant Letters of Intent (LOIs) worth Rs 798.19 crore. These contracts, awarded by South Eastern Coalfields Limited, are for coal excavation and transportation in Chhattisgarh.
The awarded projects encompass a nine-year execution timeline and include extensive overburden removal, coal handling, and logistics. The work scope is comprehensive, covering excavation, loading, transportation, and equipment hiring, ensuring a complete project execution.
This significant win further solidifies Patel Engineering's established position in crucial infrastructure development, particularly for public sector entities like SECL. The company confirmed the domestic nature of the contract, with no promoter interest in the awarding entity.
