Patel Engineering Limited has informed the Exchange regarding a press release dated May 06, 2025, titled "Press release for Letter of Acceptance received for an Urban Infrastructure project of Rs. 1318.89 Cr from CIDCO".
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Patel Engineering has received the Letter of Acceptance (LOA) from CIDCO (City & Industrial Development Corporation of Maharashtra Limited) for an urban infrastructure project valued at Rs. 1,318.89 crore. The project involves construction of the Kondhane Dam and allied works using Roller Compacted Concrete (RCC) technology in Raigad district, Maharashtra, with a 42-month completion timeline. The scope covers civil works for a 1,209-metre-long, 83-metre-high dam along with hydro-mechanical and electrical works including three radial gates. The company had been declared the lowest bidder (L1) on April 25, 2025, and the MD called it a strong start to FY26.
This is a major order win from a Maharashtra state government PSU that significantly strengthens Patel Engineering's order book and provides revenue visibility over the next 3.5 years. The government-backed nature of the project reduces payment risk and should be viewed positively by investors.