IRCON-Finolex joint venture bags ₹168 crore power transmission contract from MSETCL

State-owned engineering and construction firm IRCON International Ltd on Friday (October 24) said it has announced that its joint venture with Finolex J-Power Systems Ltd has received a Letter of Award

(LOA) from Maharashtra State Electricity Transmission Company Ltd (MSETCL) for a turnkey works contract valued at ₹168.40 crore (excluding GST).

The project involves the construction of a 220kV double circuit (D/C) transmission line from the 400/220kV Koradi-II Substation to the Mankapur Substation (overhead and underground) under the Nagpur Zone.

Under the joint venture, IRCON holds a 51% share, while Finolex J-Power Systems Limited holds the remaining 49%. The project is to be executed within a period of 18 months, excluding the monsoon season.

Also Read: Coal India signs pact with IRCON International for rail infrastructure development

The order, classified as a domestic works contract, was awarded by a domestic entity — MSETCL. IRCON clarified that the contract does not fall under related party transactions and that none of its promoters or group companies have any interest in MSETCL.

In May this year, IRCON International said it had secured a ₹253.6 crore contract from South Western Railway for the implementation of KAVACH, an indigenous train collision avoidance system, across 778 route kilometres in the Bengaluru and Mysuru divisions.

The scope of the work includes survey, design, supply, installation, testing, and commissioning of KAVACH equipment along with associated works. The project is expected to be executed within 18 months from the date of issuance of the Letter of Acceptance (LOA).

Also Read: IRCON, RVNL, Titagarh, other railway shares surge up to 7% after cabinet green-lights new projects

Shares of IRCON International Ltd ended at ₹169.50, up by ₹0.060, or 0.035%, on the BSE.