South West Pinnacle Secures Rs. 187.1 mn Odisha Borewell Contract
ECONOMY & POLICY

South West Pinnacle Secures Rs. 187.1 mn Odisha Borewell Contract

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.

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.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code