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 around ₹143.96 crore from Orbit Ventures Developers for civil works related to the ‘Shikhar-B’ redevelopment project in Oshiwara, Mumbai.

The company said that with this new order, its total order book stands at approximately ₹3,229.78 crore as on date.

According to the disclosure, the project involves an EPC agreement for the redevelopment, the contract duration of which is fixed at 36 months from the date of receipt of a new commencement certificate. Payment terms are based on the allocation of reserved apartments.

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The order was awarded by a national entity, Orbit Ventures Developers, and does not involve any related party transactions or promoter group interests. The location of the contract is Oshiwara, Mumbai, and it is to be performed entirely within India.

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

Apart from civil construction, it is also involved in services such as operation and maintenance (O&M) services and mechanical, electrical and plumbing (MEP) services and finishing works as part of its construction services.

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