Vascon Engineers Limited receives Letter of Intent from Royal Rides Pvt Ltd for construction of Two Terminal Buildings at Panaji and Reis Magos, Goa amounting to Rs. 225.46 Crores
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Awaiting price reaction for this filing.
Vascon Engineers Limited has received a Letter of Intent (LOI) worth Rs. 225.46 Crores (excluding GST and Labour Cess) from Royal Rides Pvt Ltd, a Goa-based domestic entity. The scope involves construction of two terminal buildings along with ropeway tower foundation and other site development works at Panaji and Reis Magos in Goa, awarded on a 'Design and Build' basis. The project must be completed within 36 months from the date of the LOI. The filing confirms that there is no promoter or promoter group interest in Royal Rides Pvt Ltd, and the contract is not a related party transaction.
This is a sizeable new order win that strengthens Vascon Engineers' order book and provides revenue visibility over the next three years. The contract from a private client signals business traction, though revenue will be recognized gradually over the 36-month execution period. Shareholders may view this positively as it indicates ongoing project wins, but should track execution milestones.