South West Pinnacle Exploration (SWPE) said it has received a letter of intimation from Odisha Lift Irrigation Corporation Limited (OLIC) for the installation, electrification, energisation and commissioning of 500 deep borewells in the state of Odisha. The company stated the aggregate value of the work, including GST, is Rs. 187.1 mn. The contract is to be executed within 180 days. An initial security deposit of two per cent is to be submitted within seven days.

Scope of work covers VES testing, drilling, lowering of casing pipes, installation of submersible pumps and construction of three phase LT Line to support each borewell. The guarantee period is 18 months from the date of completion and commissioning. SWPE will undertake electrification and energisation works as specified in the order.

The order has been awarded by a domestic entity and does not constitute a related party transaction. The promoters and promoter group have no interest in the awarding entity and the company confirmed arm's length principles are maintained. Details have been furnished in the annexure submitted pursuant to regulatory requirements and the company noted timelines and terms for records.

The work order value of Rs. 187.1 mn including GST is material for the company and will be executed within the stipulated 180 day period under the agreed commercial and technical terms. An initial security deposit of two per cent is payable within seven days and contractual guarantees apply as per the instrument, with the company obliged to meet performance and safety norms during implementation. The announcement has been filed with the stock exchanges and the compliance officer has provided the requisite details for record keeping and investor information. The company secretary has communicated the particulars to the exchanges for transparency and regulatory compliance.