Power Mech Projects on Friday announced that the company has bagged an order worth Rs 510 crore (excluding GST) from Adani Power Limited. The order, it added, is related to the performance of Mechanical construction works for 2×800 MW Raipur Phase-II Ultra Supercritical Thermal Power Project (Project), at Raikheda village in Raipur District, Chhattisgarh.
In a regulatory filing, the company said, “We are pleased to inform that the company has received an order worth of Rs 510 crore (excluding GST) from Adani Power Limited, related to the performance of Mechanical construction works for 2×800 MW Raipur Phase-II Ultra Supercritical Thermal Power Project (Project), at Raikheda village in Raipur District, Chhattisgarh – 493225.”
The project is scheduled to be completed within 34 months from the required erection start date.
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Earlier, the company had released its fiscal second quarter earnings with profit at Rs 69.51 crore, reporting a growth of 35.60 per cent. It had posted revenue from operations at Rs 1,035.49 crore, up 11.04 per cent YoY.
Adani Power is part of the Adani Group conglomerate which is under scanner right now in a $265 million bribery case. Earlier last week, the US Securities and Exchange Commission indicted Adani Group Chairman Gautam Adani, Sagar Adani and Vneet Jaain, with conspiracies to commit securities and wire fraud and substantive securities fraud for their roles in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions on the basis of false and misleading statements.
In the most recent development in the case, the Ministry of External Affairs (MEA) clarified that the Indian government had not been informed in advance by the United States about the recent criminal indictment of Gautam Adani and others from the Adani Group.
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