Vikran Engineering Ltd cancels LoA accepted from Ellume Energy MH Solar One Pvt Ltd

Vikran Engineering Ltd had earlier announced regarding acceptance of Letter of Award from Ellume Energy MH Solar One Private Limited (SPV) aggregating to approximately ₹354.21 crore. Based on a detailed internal evaluation, the Company has decided not to proceed with the said order.

The cancellation is primarily on account of prolonged delays in achieving the necessary project readiness milestones at the client's end. The client was unable to provide the required Power Purchase Agreement (PPA), work commencement approvals, design clearances, scope finalization, and mobilization permissions within the expected timelines. Consequently, the commencement of the project remained uncertain, making execution of the work order commercially unviable.

The cancellation of the aforesaid work order is by mutual understanding between the parties and is not expected to have any material adverse impact on the overall business operations or financial performance of the Company. The Company continues to remain focused on opportunities that are strategically aligned, execution-ready, and accretive to long-term shareholder value.

Shares of Vikran Engineering Limited was last trading in BSE at Rs. 70.29 as compared to the previous close of Rs. 71.14. The total number of shares traded during the day was 40035 in over 336 trades.

The stock hit an intraday high of Rs. 73.95 and intraday low of 70.00. The net turnover during the day was Rs. 2855167.00.

Source : Equity Bulls

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VikranEngineering INE01R501028 CivilConstruction LoA Cancelled