PSP Projects gets 2 Gujarat orders worth 3.8 bln rupees

Informist, Wednesday, Feb 21, 2024

--Sources: PSP Projects gets 2 Gujarat orders worth 3.8 bln rupees

--Sources: PSP Projects to today get letter on 2 project orders

--Sources: PSP Projects gets projects in Science City, GIFT City

By Sunil Raghu

AHMEDABAD – PSP Projects Ltd has got two orders worth 3.8 bln rupees, and the state government's allotment letters for the same are expected to be issued today, sources from the Gujarat government and the company told Informist.

One of these projects is worth 2.5 bln rupees, the tender for which was floated by the Gujarat Council of Science City to build and maintain a 50,000 sq ft facility, 'Human and Biological Science Gallery', at the Gujarat Science City in Ahmedabad, the sources said.

"PSP Projects emerged as the lowest bidder four months ago and the allotment order is being issued by the end of the day," a state government official said. The company needs to complete the project in 36 months.

At 1335 IST, shares of PSP Projects traded 0.6% lower at 716.85 rupees on the National Stock Exchange.

The Ahmedabad-based construction company is also learnt to have won a project worth 1.3 bln rupees to build a facility for Gujarat Biotech Research Centre at the GIFT City in Gandhinagar. The allotment letter for this is likely to be issued by the end of the day, another official said.

Earlier this year, the company had lost out on a 4.45-bln-rupee dairy project in the western state. The dairy plant was to be developed at Gadhka in Rajkot district by the National Dairy Development Board. PSP Projects had on Jan 23 announced that it had emerged as the lowest bidder for the project, but the National Dairy Development Board cancelled the bids and decided to invite a fresh tender by pegging the cost of the project at 4 bln rupees.

In January itself, PSP Projects had emerged as the lowest bidder for projects worth 18.53 bln rupees, including the 6.31-bln-rupee one of Rail Vikas Nigam Ltd. The letter of allotment for this order is pending.

The Ahmedabad-based construction company offers a diversified range of construction and allied services across industrial, residential and institutional projects, and has received work orders worth 10.60 bln rupees in the current financial year. End

Edited by Ranjana Chauhan

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com