On 31st August 2024, Indian Hume Pipe Company Limited announced that it has secured a significant Letter of Intent with an order value of Rs. 858.88 Crores from the Tapi Irrigation Development Corporation, Jalgaon. This work order pertains to the Dhule Irrigation Project Circle in Maharashtra and is focused on the Sulwade Jamphal Kanoli Lift Irrigation project in Tal. Shindkheda, Dist. Dhule.

1. Overview of the Project: The awarded contract is for the Engineering, Procurement, and Construction (EPC) of a Gravity Piped Distribution Network designed to irrigate 26,907 hectares of command area under the Jamphal Dam. This comprehensive contract includes trial, testing, and commissioning of the entire network. Additionally, the contract stipulates that Indian Hume Pipe will handle the operation and maintenance of the entire system for five years following the completion of construction.

2. Contract Specifications: The order, valued at Rs. 858.88 Crores, excludes costs related to Royalty, Insurance, GST, Land acquisition, and Crop compensation. The project is expected to be executed within a timeframe of 24 months, ensuring a swift and efficient delivery of this critical infrastructure.

Also Read : Board of Directors Undergoes Significant Changes at Uday Jewellery Industries Ltd.

3. Domestic Project with Strategic Importance: This contract has been awarded by a domestic entity, underscoring the strategic importance of irrigation infrastructure in Maharashtra. The successful completion of this project will significantly boost agricultural productivity in the region, providing much-needed water resources to a vast area.

4. Compliance and Corporate Governance: Indian Hume Pipe has confirmed that there is no promoter or promoter group interest in the entity that awarded the contract, and that the order does not fall within the realm of related party transactions. This underscores the company's commitment to transparency and corporate governance.

5. Conclusion: This work order represents a major achievement for Indian Hume Pipe, reinforcing its position as a leader in the Indian infrastructure sector. The company's expertise in executing large-scale EPC contracts is expected to contribute significantly to the success of the Sulwade Jamphal Kanoli Lift Irrigation project, benefitting the agricultural community in Dhule, Maharashtra.

Also Read : Voltas Limited Faces GST Demand and Penalty; Appeals Process Initiated

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst & Finance Saathi Telegram Channel for Regular Share Market, News & IPO Updates

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX & Upstox.