Power Mech Projects receives an order worth of Rs 510 crore from Adani Power Ltd.
Hyderabad-based Power Mech Projects, a leading infrastructure construction company, recently announced that it has secured an order worth Rs 510 crore from Adani Power for mechanical construction work. The project pertains to the construction at a thermal power project in Chhattisgarh. The mechanical construction work will be carried out at the 2×800 MW Raipur Phase-II Ultra Supercritical Thermal Power Project in Raikheda village, Raipur district.
“We are pleased to inform that the company has received an order worth Rs 510 crore (excluding GST) from Adani Power Limited, related to the performance of Mechanical construction works for 2×800 MW Raipur Phase-II Ultra Supercritical Thermal Power Project (Project), at Raikheda village in Raipur District, Chhattisgarh – 493225,” the company stated in a regulatory filing.
The Hyderabad-based company aims to complete the project in 34 months.
The firm recently shared a highlight of its second financial quarter performance, showcasing a hearty profit of Rs 69.51 crore – a notable increase of 35.60 percent. Further, they declared an operational revenue of Rs 1,035.49 crore, which is a pleasant 11.04 percent rise compared to their earnings last year.
Adani Bribery Case
Adani Power, an arm of the Adani Group, is currently under investigation surrounding an alleged bribery case worth USD 265 million. It was just last week that the U.S. Securities and Exchange Commission accused Adani Group’s leading figures, Gautam Adani, Sagar Adani, and Vneet Jaain of fraudulent schemes related to the securities trades and wire transfers. These claims are tied to a plot designed to attract funds from U.S. investors and worldwide financial institutions using deceptive and false information.
In the newest developments, the Indian Ministry of External Affairs (MEA) declared that the U.S. government didn’t provide them with advanced information regarding the recent criminal accusations against Gautam Adani and other executives of the Adani Group. MEA’s representative, Randhir Jaiswal, represented the incident as a legal predicament connected with private individuals and firms and emphasized that the government is not actively involved in the matter currently.