Vascon Engineers Ltd. on Thursday announced that it has bagged an order totalling Rs 225.46 crore from Royal Rides Pvt.
According to the company's exchange filing, it has received a letter of intent from Royal Rides for "construction of two terminal buildings along-with Ropeway Tower works at Panaji and Reis Magos, Goa”. The contract also entails other site development work at both the sites.
The infrastructure construction company needs to complete the work—which has been awarded on “design and build basis”—within 36 months from the date of the letter of intent, the regulatory disclosure added.
It stated that none of the promoters or promoter group of Vascon Engineers has any interest in Royal Rides. The filing also added that the order does not fall under related party transactions.
Shares of Vascon Engineers Ltd. closed 1.33% lower at Rs 41.42 apiece on the BSE, compared to a 0.65% advance in the benchmark Sensex. The Maharashtra-headquartered construction firm had shared the information regarding the fresh contract after stock markets had closed on Wednesday.
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