Vascon Engineers Wins ₹331 Crore Medical College Contract in Sindhudurg

Vascon Engineers Limited has secured a major contract worth ₹331.38 crore for a new medical college and hospital project in Sindhudurg, awarded by the Chief Engineer of the Public Works Regional Department, Konkan Mumbai. The project, awarded on an Engineering, Procurement, and Construction (EPC) lump sum basis, is set to include a medical college with capacity for 100 students, a 500-bed hospital, and related facilities.

The contract stipulates a completion timeline of 30 months from August 12, 2024, excluding GST. The company received the official Letter of Acceptance for the project today, marking a significant milestone in its expansion efforts.

In market news, Vascon Engineers' shares were trading at ₹76.22 on the Bombay Stock Exchange (BSE) at 3 pm Tuesday, reflecting a gain of ₹1.33 or 1.78 percent. This uptick highlights investor confidence following the announcement.

The company has clarified that the project is not a related party transaction, emphasizing that no promoter or promoter group has any interest in the contract. This transparency aims to assure stakeholders of the project’s independence and integrity.
News by  Rahul Yelligetti