Power Mech Projects gains after JV bags contract worth Rs. 499 crore.

Power Mech Projects (PMPL) added 2.05% to Rs. 1860 after the company announced the receipt of a letter of award (LOA) worth Rs. 499.41 crore from Sangalore Metro Rail Corporation (SMRCL).
The contract is for the construction of depot cum workshop at Challaghatta in reach-2 Extension of Sangalore Metro Rail Project, Phase-2.
This project has been awarded to RITES- PMPL JV, a joint venture of Rites and Power Mech Projects, with 51:49 sharing.
Power Mech Projects operates as an engineering and construction company, which provides erection, testing and commissioning (ETC), civil and operation and maintenance services for power projects.
BS