Vascon Engineers Bags Order For Construction Of Hospital Building Worth Rs 356.8 Crore

Vascon Engineers Ltd. received a letter of intent from the Pimpri-Chinchwad Municipal Corp. for the construction of a hospital building.

The letter of intent was awarded to the company on an item rate basis, it said in an exchange filing on Monday.

The project from the Municipal Secretary's Department would include the construction of a general hospital building for PCMC Hospital in Moshi, Pimpri-Chinchwad, Pune. The project is worth approximately Rs 356.8 crore, though the amount excludes GST.

Vascon Engineers will have to complete the project within 36 months of the date of acceptance.

The company had earlier this month signed its second redevelopment project in Mumbai, with a total construction area of approximately 2,11,000 square feet.

The company expects to generate Rs 350 crore from sales after the completion of the project.

Shares of Vascon Engineers closed at Rs 74.64 apiece, down by 0.73% as compared with a 0.21% decline in the benchmark BSE Sensex.