Patel Engineering secures Rs 156.68 Cr project from BMC in JV

Patel Engineering Ltd on May 07, 2007 has announced that the Company has bagged a order worth Rs 156.68 crore from Brihanmumbai Municipal Corporation (BMC) for construction of tunnel from Malabar Hill to Cross Maidan in the city of Mumbai. The project will be executed in a joint venture with Pratibha Industries, with the Company as the lead partner in the venture. This is the second tunnel project Company has bagged by the Company. Recently the Company had bagged a tunnel from Veravali TO Yari Road to be done by tunnel boring machine.

Sonal Patel, Whole Time Director, of the Company said, "Going forward, we believe that urban infrastructure will gain momentum as huge investments are expected in various aspects of urban infrastructure including water supply and treatment systems, drainage systems and local transport infrastructure."

"We expect to clinch several huge orders for hydroelectric and water supply projects from the central and various state governments in the coming months," she added. Around 55% of the Company's total orders are from power projects, 25% from water supply and irrigation and 20% from transportation and other sectors. The Company's order book position as on March 31, 2007 stood at Rs 5,000 crores.

Source : Equity Bulls

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