Patel Engineering Is Lowest Bidder For Rs 240 Crore NHPC Project

Patel Engineering Ltd. has emerged as the lowest bidder for NHPC Ltd.'s Rs 240.02 crore hydropower project. The contract involves civil and hydromechanical works for Teesta-V Power Station in Sikkim.

The project is to be completed in the next 18 months, the company said through an exchange filing on Friday.

The project includes the construction of the civil works of the tunnel spillway, including the construction adit, gate operation chamber and gate shaft. It also includes construction of a precast bridge, excess road, energy dissipation arrangement of tunnel spillway, dyke and tunnel for environment flow and its Gate Operation Chamber.

The company is currently working on the Teesta VI HEP, which is also located in Sikkim.

Patel Engineering has completed over 85 dams, 40 hydroelectric projects and more than 300 km of tunnelling for clients, which are mostly central PSUs or state government organisations.

“Looking at the opportunity in this sector, we are confident of maintaining our revenue growth of 15-20% in the next five years," said Managing Director Kavita Shirvaikar.

Patel Engineering expects to add Rs 10,000 to Rs 15,000 crore to its current order book value of around Rs 18,000 crore in the next one year, she said.

The stock rose as much as 5.03% during the day to Rs 60.40 apiece on the NSE. The stock closed 2.56% higher at Rs 58.98 per share. This compares with a 1.48% advance in the benchmark Nifty 50. It has risen 10.45% in the last 12 months and fallen 9.12% year-to-date.