South West Pinnacle Exploration Secures ₹18.71 Crore Order from OLIC for Borewell Projects
South West Pinnacle Exploration received a Letter of Intimation (LOI) from Odisha Lift Irrigation Corporation Limited for installation, electrification, energisation, and commissioning of 500 deep borewells in Odisha. The order value is ₹18.71 Crores including GST and is to be executed within 180 days.
The order value of ₹18.71 Crores is significant for the company and will contribute to its top-line growth, but it is not a transformative amount that would drastically alter its market position.
The company has received a new order, which is a positive development for its business and revenue prospects.
South West Pinnacle Exploration Limited (SWPE) has announced receiving a Letter of Intimation (LOI) from Odisha Lift Irrigation Corporation Limited (OLIC), a government undertaking of Odisha. The LOI is for the installation, electrification, energisation, and commissioning of 500 deep borewells across the state of Odisha.
The aggregate value of this order, inclusive of Goods and Services Tax (GST), amounts to approximately ₹18.71 Crores.
The scope of work involves conducting Vertical Electrical Sounding (VES) tests, drilling and lowering casing pipes, installation of submersible pumps, and construction of a 3-phase Low Tension (LT) line. The contract specifies an initial security deposit of 2% to be submitted within 7 days of the LOI. The guarantee period for the work is 18 months from the date of completion and commissioning. The order is expected to be executed within 180 days.
South West Pinnacle Exploration Limited has confirmed that there is no interest from promoters, promoter group, or group companies in OLIC, and the order does not fall under related party transactions.
What to do with a filing like this
South West Pinnacle Exploration 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 medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by South West Pinnacle Exploration Limited. Read the original for the full detail.