IRCON awarded contract for canal project in MP

22 Nov 2022 CW Team

The construction company claimed that it was chosen as the lowest bidder (L1) for the turnkey construction of the remaining portions of the Bahuti Canal project.

The project involves finishing the earthwork for the main canal system from RD 18 to 74 km as well as other ancillary tasks.

The Water Resources Department of the Government of Madhya Pradesh put the project out to competitive bidding. The project's estimated value is about Rs 3.92 billion. The project will last 36 months, with a 60-month MOM (Management, Operation, and Maintenance) period. "The Letter of Award is yet to be issued by Government of Madhya Pradesh - Water Resource Department," the company said.

IRCON International is a public construction firm that focuses on infrastructure projects and has expertise in carrying out railroad projects in a variety of ways, including on a turnkey basis. At the end of September 2022, the Government of India (GoI) owned 73.18% of the company.

On a consolidated basis, the company's net profit increased by 38.3% to Rs 1.74 billion in Q2 FY23 from Q2 FY22, driven by a 47% increase in operating revenue to Rs 22.38 billion On the BSE, the share price of IRCON was down 3.13% at Rs 55.70.

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