Puravankara Limited has informed the Exchange about receipt of letter of intent by M/s. Starworth Infrastructure & Construction Limited, wholly owned subsidiary of Puravankara Limited.
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Puravankara's wholly owned subsidiary, Starworth Infrastructure & Construction Limited (SICL), has received a Letter of Intent from Vellore Institute of Technology (VIT) for the construction of the Ruby Block (Academic Block) Phase I at VIT's Vellore campus. The accepted contract value is ₹280.35 Crores, excluding GST. The project is on an item-rate contract basis, is domestic in nature, and is to be executed within 24 months. The order is not a related party transaction, and promoters have no interest in VIT.
This is a meaningful new order for Puravankara's construction arm, adding ₹280.35 Cr to its order pipeline and likely contributing meaningfully to revenue over the next two years. Positive for visibility on subsidiary earnings, though the stock impact may be modest as this is an LOI rather than a confirmed order.