Welspun Michigan Engineers Ltd., a subsidiary of Welspun Enterprises Ltd., has bagged a Rs 290.9-crore design and construction order from the Brihanmumbai Municipal Corp.
The project involves planning, designing and building the Mogra Storm Water Pumping Station in Mumbai's K/W Ward. This includes supplying, delivering, installing, and starting up mechanical, electrical, instrumentation, and automation systems. After that, the station will be fully operated and maintained, according to an exchange filing on Wednesday.
The contract will be carried out through engineering, procurement and construction mode within a timeframe of 20 months, it said.
"Welspun Michigan Engineers Ltd., as its largest independent project in the pumping station segment. This achievement reflects the continued growth and success of WMEL, reinforcing our expertise in urban infrastructure development," according to Sandeep Garg, managing director of Welspun Enterprises.
Previously, Welspun Michigan developed projects, including the 3110 MLD Britannia Storm Water Pumping Station in Mumbai under the Brihanmumbai Storm Water Drain initiative.
The company's order book comprised an outstanding order book of Rs 2,546 crore, including the Dharavi to Ghatkopar tunnelling order of Rs 1,150 crore.
After the addition of the Mogra Storm Water Pumping Station order, its order book currently stands at Rs 2,791.76 crore. Additionally, the book includes Rs 124.75 crore dedicated to operations and maintenance.
Shares of Welspun Enterprises closed 1.15% lower at Rs 578.20 apiece on the National Stock Exchange, compared to a 0.18% fall in the benchmark Nifty. The stock has risen 60.23% in the last 12 months.
An analyst tracking the company maintains a 'hold' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential downside of 6.8%.
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