Receipt of Letter of Award from M/s North East Gas Distribution Company
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Oval Projects Engineering Ltd has received a Letter of Award from North East Gas Distribution Company Limited (NEDGCL), a government/PSU entity, for composite construction work of a CGS/CUM Mother Station at Anandnagar in Tripura. The order is valued at Rs. 3.77 crores (Rs. 3,76,84,565.53). The awarding entity is domestic and there is no related party interest. The company also disclosed that it is currently the L1 (lowest) bidder in 5 other contracts from government undertakings/PSUs with a combined value of Rs. 90.19 crores, for which Letters of Award are still awaited.
Adds to the company's order pipeline from a government/PSU client, providing near-term revenue visibility. The much larger L1 bidder pipeline of Rs. 90+ crores, if converted into awards, could materially boost future revenue for this small-cap company.