Puravankara Limited announced that its wholly owned subsidiary, Starworth Infrastructure & Construction Limited (SICL), has received a Letter of Intent (LOI) for a significant construction project. The contract is for the construction of the Ruby Block (Academic Block) Phase-I at VIT, Vellore Campus, valued at ₹280.35 Crores, excluding GST. The project, which is domestic in nature, has a defined execution period of 24 Months.
Major Contract Award for Subsidiary
Puravankara Limited hereby informs the exchanges that its subsidiary, Starworth Infrastructure & Construction Limited (SICL), has been awarded a Letter of Intent (LOI). This development pertains to a significant construction contract awarded by the Vellore Institute of Technology (VIT).
Project Details and Financial Value
The contract involves the construction of the Ruby Block (Academic Block) Phase – I, situated at the VIT Campus in Vellore, Tamil Nadu. The accepted value for this project is substantially large, pegged at ₹ 280.35 Crores (Rupees Two Hundred and Eighty Crores and Thirty-Five Lakhs only), exclusive of Goods and Services Tax (GST).
Key details regarding the terms of the contract are as follows:
- Nature of Contract: Item rate Contract
- Geographical Scope: Domestic
- Execution Timeline: The project is slated for completion within 24 Months from the award date.
Corporate Status and Related Party Disclosure
The document confirms that SICL is a Wholly Owned Subsidiary of Puravankara Limited. Furthermore, in line with regulatory requirements, the company has confirmed that neither the promoter/promoter group nor group companies hold any interest in the entity awarding the contract (VIT). Consequently, the transaction does not fall within the purview of related party transactions.
This disclosure was formally communicated by Mr. Sudip Chatterjee, Company Secretary & Compliance Officer, on March 17, 2026.
Source: BSE
