Puravankara Limited’s wholly owned subsidiary, Starworth Infrastructure & Construction Limited (SICL), has received a Letter of Intent from Red Connect Private Limited for civil and structural works on the Ritz Carlton Project in Chennai. The contract is valued at an impressive ₹1,75,00,00,000 (Indian Rupees One Hundred Seventy-Five Crores), excluding GST. This substantial award underscores SICL’s growing capabilities and contributes significantly to Puravankara’s order book.
Major Contract Award for Subsidiary
Puravankara Limited today announced that its wholly owned subsidiary, Starworth Infrastructure & Construction Limited (SICL), has received a significant Letter of Intent (LOI) from Red Connect Private Limited. This LOI is for the execution of crucial civil and structural works for the upcoming Ritz Carlton Project located at MRC Nagar, Chennai.
Contract Value and Scope
The contract value stands at a substantial ₹1,75,00,00,000/- (Indian Rupees One Hundred Seventy-Five Crores), with the exclusion of Goods and Services Tax (GST). The project involves comprehensive civil and structural development, highlighting SICL’s robust capabilities in undertaking large-scale construction projects. The execution of this order is expected to span over 32 months.
Strategic Importance
This significant contract award not only bolsters the order book of SICL but also reinforces the Puravankara Group’s presence in the infrastructure development sector. The company has confirmed that neither the promoter nor any promoter group companies have an interest in Red Connect Private Limited, and the transaction is conducted at an arm’s length basis.
Source: BSE
