Under this arrangement, Vascon will be associated with Adani on selected earmarked projects right from the design stage, thereby ensuring seamless integration of design and execution. At present, three projects totalling approximately 13.15 million sq. ft. have already been identified under this model at Mumbai,” the company said in an exchange filing on Friday, September 26.
As part of the current objectives, Vascon aims to engage with Adani Group on projects contributing an additional equivalent of 30% of Vascon’s annual turnover. This collaboration is envisioned as a long-term strategic partnership, with the scope and performance of the arrangement to be reviewed annually, the filing added.
“This milestone marks the beginning of an exciting new chapter. We are confident that this engagement will create significant value for both organisations, and we look forward to building a strong and successful partnership with Adani,” the company added.
Interestingly, the stock is down 65% from its IPO price. The Vascon Engineers stock was listed on the bourses in 2010 with a book build issue of Rs 178 crore.Vascon Engineers is engaged in engineering, procurement, and construction (EPC), as well as real estate development. They offer a comprehensive range of services from concept to completion for diverse projects, including residential, commercial, industrial, IT parks, malls, and hospitality. Their work includes constructing premium homes, factories, software parks, and community welfare centres.At about 12:30 am, shares of Vascon Engineers were trading at Rs 63.22, higher by 9.3% from the last close on the NSE. Vascon Engineers’ stock price has given nearly a 600% return in the last five years.
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