Steel structure manufacturer Salasar Techno Engineering Ltd on Thursday (26 November) announced that it has secured two contracts worth a combined Rs 6.9518 billion from Rail Vikas Nigam Ltd (RVNL).

Both orders relate to the development of distribution infrastructure for loss-reduction works across the Mandi, Bilaspur, Kullu and Hamirpur operation circles under the central zone of the Himachal Pradesh State Electricity Board Ltd. The projects fall under the Revamped Reforms-based and Results-linked Distribution Sector Scheme (RDSS).

The first contract, valued at Rs 5.2499 billion including GST, is for Service Support and Procurement Management, covering the sourcing of electrical and mechanical equipment. The second contract, worth Rs 1.7019 billion including GST, is for erection works linked to the same infrastructure development programme.

Salasar said the projects, awarded by a domestic entity, will be executed within 20 months. The company clarified that neither its promoter group nor related parties have any interest in RVNL and that the orders do not constitute related-party transactions. Both contracts will be executed under the General Condition Contract (GCC) framework.

Shares of Salasar Techno Engineering Ltd closed at Rs 9.93, down 1.19 per cent on the BSE.