Puravankara Limited has informed the Exchange about Receiving of Letter of Intent by Starworth Infrastructure & Construction Limited
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Puravankara's wholly-owned subsidiary, Starworth Infrastructure & Construction Limited (SICL), has received a Letter of Intent from Sattva Resi Private Limited for building a residential project called 'Sattva AANGANE' in East Taluk, Bangalore. The project covers an approximate built-up area of about 30.36 lakh sq ft and is valued at roughly ₹311.18 crores. The contract is an item-rate domestic order with a 37-month execution timeline. The awarding entity is not related to the promoters or group companies, so this is an arms-length third-party deal.
This is a sizeable new order for the construction subsidiary, providing visible revenue over the next 3+ years and reinforcing the order book in the Bangalore market. Positive for sentiment, though the stock impact may be limited as Puravankara's core business is real estate development rather than EPC contracting.