Garuda Construction and Engineering secures ₹144 crore redevelopment order in Mumbai

Garuda Construction and Engineering Ltd on Wednesday (October 8) said it has received work orders worth approximately ₹143.96 crore from Orbit Ventures Developers for civil works related to the redevelopment project "Shikhar-B" at Oshiwara, Mumbai.

The company stated that with this new order, its total order book stands at around ₹3,229.78 crore as of the date.

According to the disclosure, the project involves an EPC agreement for redevelopment, with the contract period set at 36 months from the date of receipt of a further commencement certificate. The payment terms are based on the allotment of earmarked flats.

Also Read: Garuda Construction and Engineering IPO to list tomorrow: Here's what GMP signals ahead of the debut

The order has been awarded by a domestic entity, Orbit Ventures Developers, and does not involve any related party transactions or promoter group interests. The contract location is Oshiwara, Mumbai, and it is to be executed entirely within India.

Garuda Construction and Engineering is a civil construction company providing end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure and industrial projects and additional services for infrastructure and also hospitality projects.

Besides civil construction, it is also involved in services such as operations and maintenance services (O&M) and Mechanical, Electrical and Plumbing (MEP) services and finishing works as a part of its construction services.

Also Read: Garuda Construction and Engineering shares make decent debut, list at 10% premium to IPO price

Shares of Garuda Construction and Engineering Ltd ended at ₹188.46, down by ₹0.82, or 0.43%, on the BSE.