Maharashtra Krishna Valley Development Corporation, Pune has declared a Mumbai based infrastructure company, Patel Engineering Limited ("Company" or "PEL") as L1 for a Rs. 249.96 crore contract for the works involving Construction of Pipe Line Distribution Network for Nira Deoghar Right Bank Main Canal Km 66 to Km 76.
The project is to be completed in a period of 30 months.
The said project is located in the state of Maharashtra, Village - Waghoshi to Kapadgaon, Taluka - Khandala, District - Satara and the project is to be executed in a Joint Venture, of which PEL's share is 40%.
Mr Rupen Patel, Chairman and Managing Director, Patel Engineering Limited said, "To achieve more crop per drop replacement of existing canals with pipe lines or new schemes with pipe lines wherever feasible in order to improve irrigation efficiency or to further extend the area of irrigated agriculture is the need of the hour. As there is significant use of water for irrigation, we need to increase water use efficiency in the agriculture sector. This has been made possible by adopting PDN as it overcomes the lacunas of the flow irrigation system viz land acquisition, lavish use of water from the farmers in the upper reaches of the canal and in high cost in hilly areas."
Shares of Patel Engineering Limited was last trading in BSE at Rs. 52.80 as compared to the previous close of Rs. 50.29. The total number of shares traded during the day was 723871 in over 737 trades.
The stock hit an intraday high of Rs. 52.80 and intraday low of 50.00. The net turnover during the day was Rs. 38108110.00.