Vascon Engineers gets ₹126 crore LoI for hospital project in Wardha

Pune-based construction company Vascon Engineers said on Wednesday, August 12, that it has received a Letter of Intent (LoI) worth ₹126.39 crore, excluding GST, from the Executive Engineer, Public Works Department, Arvi Division, Wardha, Nagpur, Maharashtra.

The order is for the development of a 300-bed general hospital at Wardha, Maharashtra.

The work has been awarded on an item-rate basis and is to be completed within 24 months from the date of receipt of the order.

The order has been awarded by a domestic entity and falls under the domestic business category, said the company.

Vascon Engineers said none of its promoter or promoter group members has any interest in the entity awarding the work. The company also said the project does not fall under the ambit of related-party transactions.

Earlier, on June 10, the firm had informed that it has received a ₹347.43 crore Letter of Intent from the Central Public Works Department, Guwahati Division, for demolition and redevelopment of RBI Quarters at Zoo-Narengi Road Colony in Guwahati, Assam.

“We are pleased to inform that Vascon Engineers Limited has received a Letter of Intent amounting to ₹347.43 Crore [Three hundred forty-seven crores forty-three lakhs) (including GST)] from the Central Public Works Department, Guwahati, for “Demolition and Re-development of RBI Quarters at Zoo-Narengi Road Colony, Guwahati, Assam”.

The work has been awarded on ‘EPC Basis’,” according to a stock exchange filing.

Shares of Vascon Engineers closed 2.44% lower at ₹31.25 on August 12.

Also Read: Vascon Engineers secures ₹347 crore order for RBI quarters redevelopment in Guwahati