Patel Engineering & JV partners emerges as L1 bidder for projects in MP & Maharashtra

Patel Engineering

Patel Engineering has announced that it, along with its joint venture partners, has been declared the lowest bidder (L1) for two projects worth ₹1,567 crore in Madhya Pradesh and Maharashtra. The company's share in these new orders amounts to ₹1,006 crore. The projects include the construction of a pressure irrigation system for micro-irrigation and the investigation, design, construction, testing, and commissioning of works under lift irrigation schemes. The projects are scheduled to be completed in 36 months. The orders will provide the company with a visibility of revenue growth in the coming years, enabling it to increase its bottom line.

The company has also recently received fresh funds of approximately ₹90 crore under Niti Aayog guidelines against a bank guarantee for an arbitration award. The funds have been utilized to reduce the company's debt. Rupen Patel, Chairman & MD, Patel Engineering, expressed his delight at being declared the lowest bidder for the projects and stated that the orders underscore the trust and confidence reposed in the company.

: Published: 17 February 2023

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