Vascon Engineers bags ₹116 crore order from Ahmedabad Municipal Corporation

Vascon Engineers Ltd on Wednesday, March 11, received a Letter of Intent (LoI) from the Ahmedabad Municipal Corporation for the development of Lotus Park in the city’s South West Zone.

In an exchange filing, the company said the order valued at ₹115.9 crore, excluding GST, involves the development of Lotus Park over an area of 54,000 square metres under the building project of the Ahmedabad Municipal Corporation.

The project will be executed on an EPC (engineering, procurement and construction) basis, the company said.

Also read: Adani Total Gas shares hit 20% upper circuit; Co flags gas curbs due to West Asia war

Vascon Engineers added that the work is scheduled to be completed within 24 months from the date of issuance of the work order.

The company also clarified that the contract does not fall under related party transactions.

Also read: Wipro signs multi-year deal with TruStage to transform retirement services business

Shares of the company closed 1.24% lower at ₹34.16 ahead of the announcement on Wednesday. The stock has declined 38.7% over the past six months.