ArMee Infotech drops Rs 741 crore Bondada EPC order over cost concerns
ARMEE · price
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ArMee Infotech will not execute a Rs 740.97 crore EPC order from Bondada Engineering, linked to NTPC Renewable Energy's 600 MW solar project at Fatehgarh, Rajasthan. The order, disclosed in its recent IPO prospectus, covered supply, services and 3 year O&M for two 300 MW blocks. Raw material costs surged after acceptance, and the firm fixed price with no escalation clause made the project unviable. Order book will be reduced by the full value.
Order book shrinks by about Rs 741 crore, a major blow for a newly listed firm. Watch for revenue, margin and growth outlook impact.