Shriram EPC Ltd. has won a Rs 71-crore order which will mark its foray into a completely new business vertical of transport engineering.
The order involves designing, manufacturing and maintaining a second ropeway at the Arulmigu Dandayuthapani Temple in Palani, Tamil Nadu that will serve 1,200 people every hour, the company said in a media statement. It has tied up with France's Poma S.A, which has built over 8,000 ropeway installations globally, to supply technology equipment for the project.
So far, the company has received orders in sewage, renewable energy, metallurgical plants and municipal services sector. The project "marks our entry into a new business vertical", Chief Executive Officer T Shivaraman said in the statement, adding that the opportunity linked to the growth of tourism and urban transportation will "deepen" in the coming years.
The existing ropeway at the Palani temple can handle up to 300 passengers and the upgradation in infrastructure is due to the growing number of pilgrims, the statement added.
Shriram EPC shares closed 1.4 percent lower, compared to the country's benchmark BSE Sensex which ended trade 0.1 percent up.
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