Ahmedabad: Patel Engineering with its joint venture partners (JV) has been declared the lowest bidder (L1) for Rs 1,567 crore projects in Madhya Pradesh and Maharashtra state. The Company’s share in these new orders is Rs 1,006 crore, said the company in its statement.

According to the company, “These orders include construction of a Pressure irrigation system to supply water through the Rising/ Gravity mains by pressurized pipeline system for micro-irrigation under Rihand Micro Irrigation Project, State of Madhya Pradesh and investigation, design, construction, testing, commissioning of works comprising of civil and allied works under lift irrigation scheme no.1 and 2 of Krishna Marathwada Irrigation Project, Dist. Osmanabad, State Maharashtra. All the Projects are scheduled to be completed in a period of 36 months.”

Company recently received fresh funds of ~ Rs 90 crore under Niti Aayog guidelines against bank guarantee for an Arbitration Award. The funds received has been utilized for reduction of debt, the statement further said.

Rupen Patel, Chairman & Managing Director, Patel Engineering Limited said, “We are delighted to have been declared lowest (L1) for these projects which should be converted to Letter of Award (LOA) soon. Projects worth Rs 1,567 crore are a further testimony to our commitment to construction and heavy civil engineering works, as the Infrastructure sector is a key driver for the Indian economy. The projects underscores the trust and confidence reposed in us and going forward, it will spur expansion of our business as we continue to work on our strategic roadmap for the future.

Further states” Over the last two years, post pandemic the Company has more than doubled its employee base to ~ 4,300 employees. In the last 3 years we have received new orders of ~ Rs 12,000 crore. Plans for debt reduction through monetization of non-core assets continues to be a key focus area for us. The new draft guidelines announced on Contractual Disputes in the Budget will safe guard the company’s interest and efforts.