GK Energy Limited has received an order worth Rs 235.92 crore to install 10,000 solar pumps in Maharashtra. This work has been given under MSEDCL’s ‘Magal Tyala Solar Agricultural Pump Scheme’, which is to be completed within 60 days.
Mumbai (Maharashtra) [भारत]July 5 (ANI): GK Energy Ltd has received a Letter of Embarkation (LoE) from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 10,000 off-grid DC solar photovoltaic water pumping system (SPWPS) pumps worth Rs 235.92 crore under the ‘Magal Tyala Solar Krishi Pump Scheme’, according to the company’s stock exchange filing.
The work will have to be completed in 60 days
In a filing made under SEBI listing regulations, the company said it has “received a Letter of Embarkation (LoE) from Maharashtra State Power Distribution Company Limited for 10,000 off-grid DC solar photovoltaic water pumping system (SPWPS) pumps of 3 HP, 5 HP, 7.5 HP for the entire state of Maharashtra under ‘Magal Tyala Solar Krishi Pump Yojana’.” It further said, “The total value of 10,000 pumps is Rs 235.92 crore (including GST), which is to be completed within 60 days of issue of work order/NTP.”
Letter of Empanelment (LoE) is a document issued by an awarding authority notifying a company that it has been selected for a project or program. This usually occurs before a formal work order or Notice to Proceed (NTP) is issued, after which project work begins.
What is included in the contract?
According to the annexure to the exchange filing, the scope of the contract includes “design, manufacture, supply, transportation, installation, testing and commissioning of off-grid DC solar photovoltaic water pumping system (SPWPS)”.
one time order
The filing said the order has been placed by a domestic entity and is a “one-time” order. It further states that the period for completing the work is “within 60 days from the date of issue of Work Order/Notice to Proceed (NTP)”.
GK Energy also said that its promoter, promoter group and group companies have no interest in the contract awarding entity. It further said that this contract does not fall under related-party transaction. (ANI)
(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)