RKEC Projects Limited has informed the Exchange about Rescission/termination(s)

Major Contract CancelledBusiness Updates View source PDF

RKEC · price

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-3.2%1-day move

₹38.90

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₹37.53

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AI summary

RKEC Projects Limited has disclosed the termination of a major EPC contract for Passenger Jetty and Terminal Facilities near Gateway of India, Mumbai. The contract, originally awarded on October 5, 2024, had an approximate value of Rs. 186.67 crore. The client (Mumbai Maritime Board) terminated the contract on April 21, 2026, citing delays. The company stated the project faced multiple turbulences including Public Interest Litigations (PILs), Special Leave Petitions (SLPs), and design changes beyond their control. RKEC sought an Extension of Time, but the client allegedly terminated the contract citing delays. The company intends to pursue arbitration to recover all costs, losses, opportunity losses, and consequential losses.

Likely market impact

The termination of a Rs. 186.67 crore contract represents a significant loss of future revenue for RKEC Projects. Shareholders should monitor the arbitration outcome as legal costs and potential write-offs may impact near-term profitability, though the company is aggressively pursuing damages.