GE Power India Ltd (GEPIL) has secured an additional contract worth ₹2,735 million (₹273.5 crore), exclusive of taxes, from GREENKO KA01 IREP Private Ltd as part of its existing agreement for the Saundatti Hydro Project in Belagavi, Karnataka.
“…we would like to notify that there has been an addition in the scope of aforementioned contract with GREENKO KA01 IREP Pvt. Ltd,” GE Power India said in a regulatory filing.
The additional contract covers the engineering, manufacturing, procurement, supply, installation, and testing of electromechanical equipment for one additional 320 MW unit at the Saundatti pumped storage project (PSP).
Also Read: GE Vernova Q3 net profit zooms nearly 3-fold on higher margin, order wins; beats forecast
The initial contract, valued at approximately ₹863.4 crore ($113 million), was awarded on April 29, 2022, for the supply and installation of the complete electro-mechanical package for 3 x 320 MW + 2 x 160 MW (total 1,280 MW) vertical Francis pump turbine fixed speed machines.
The additional scope of work falls under GE Power’s hydro business and will be accounted for as per the business transfer agreement with GE Power Electronics (India) Private Ltd, now renamed GE Vernova Hydro Power India Private Ltd, following the sale and transfer of the hydro business.
Shares of GE Power India Ltd ended at ₹245, down by ₹9, or 3.54%, on the BSE.
Also Read: GE T&D India promoters to sell 11.7% stake via OFS at ₹1,400 per share
