Puravankara Subsidiary SICL Secures ₹509.52 Crore Construction Contract
Puravankara Limited's subsidiary, SICL, received a Letter of Acceptance for a ₹509.52 Crore construction project at the One Bangalore Luxury Project. The contract involves turnkey civil, finishes, MEP, and external development for Varnam Phase 1 and has a 36-month execution period.
The order value of ₹509.52 Crores represents a substantial contract for the company's subsidiary, indicating a significant positive impact on its future revenue and operations.
The company has secured a significant new order, which is positive for its business growth and revenue prospects.
Puravankara Limited announced that its wholly-owned subsidiary, Starworth Infrastructure & Construction Limited (SICL), has received a Letter of Acceptance for a significant construction project.
The contract is for the turnkey civil, finishes, MEP, and external development work for Varnam Phase 1 at the One Bangalore Luxury Project (OBLP), located in Akalehahalli-Mallenhalli Village, Devanahalli Taluk, Bengaluru Rural District, Karnataka.
The order has been awarded by M/s. One Bangalore Luxury Projects LLP, a domestic entity. The nature of the contract is item rate, and it is expected to be executed within 36 months. The broad consideration for this contract is ₹509.52 Crores. Neither the promoter nor the promoter group or group companies have any interest in the entity that awarded the contract, and the contract does not fall within related party transactions.
What to do with a filing like this
Puravankara Limited filed this with the NSE as a statutory disclosure, categorised under new orders. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Puravankara Limited. Read the original for the full detail.