Puravankara Subsidiary SICL Bags ₹133 Cr Embassy Eden Contract in Bengaluru
Puravankara's subsidiary, SICL, received a Letter of Intent from Sion Eden Developers for civil and structural works at Embassy Eden, Bengaluru. The contract value is ₹133.34 crore and is to be executed within 34 months.
The contract value of ₹133.34 crore is substantial and will contribute to the company's revenue over the next 34 months, positively impacting its financial performance.
The announcement details a significant new contract win for a subsidiary, which is generally positive for the company's business outlook and revenue prospects.
Puravankara Limited announced that its wholly-owned subsidiary, M/s. Starworth Infrastructure & Construction Limited (SICL), has received a Letter of Intent from M/s. Sion Eden Developers Private Limited.
The contract is for the execution of civil and structural works for the Embassy Eden project in Bengaluru. The total contract value is ₹1,33,34,09,064 (Indian Rupees One Hundred Thirty-Three Crores and Thirty-Four Lakhs Nine Thousand Sixty-Four only), inclusive of GST.
The execution of this item rate contract is expected to be completed within 34 months from the date of handing over the site to the contractor. Neither the promoter nor the promoter group or group companies have any interest in Sion Eden Developers Private Limited, and the contract does not fall within related party transactions.
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