Patel Engg bags Mauritius project; eyes Rs4,500 cr revenue

Patel Engg bags Mauritius project; eyes Rs4,500 cr revenue

Mumbai: Construction firm Patel Engineering on Friday said its subsidiary has bagged a township development project in Mauritius through which the company expects to earn a revenue of over Rs4,500 crore.

The project envisages development of an integrated township within the capital city of Port Louis, Patel Engineering said in a filing to the Bombay Stock Exchange (BSE).

“This unique project will employ about 23 million man hours during construction, and will benefit local people of Mauritius with abundant employment opportunity," Patel Engineering Ltd managing director Rupen Patel said.

The contract, largest waterfront development project in Mauritius, involves construction of tourist heritage centre, apartment complex, office building and shopping malls, spanning a built up area of over 10 million sq ft, it said.

The project will generate gross revenues in excess of Rs4,500 crore, it added.

The project is estimated to be completed within a period of 7 years from commencement, the company said.

The foundation stone for this mega project is scheduled to be laid by Prime Minister of Mauritius Dr Navinchandra Ramgoolam on 29 March.

Shares of Patel Engineering were trading at Rs459 on BSE, up 4.05% from its previous close.