Vascon Engineers Ltd on Wednesday, March 11, received a Letter of Intent (LoI) from the Ahmedabad Municipal Corporation for the development of Lotus Park in the city’s South West Zone.In an exchange filing, the company said the order valued at ₹115.9 crore, excluding GST, involves the development of Lotus Park over an area of 54,000 square metres under the building project of the Ahmedabad Municipal Corporation.
The project will be executed on an EPC (engineering, procurement and construction) basis, the company said.
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The company also clarified that the contract does not fall under related party transactions.
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Shares of the company closed 1.24% lower at ₹34.16 ahead of the announcement on Wednesday. The stock has declined 38.7% over the past six months.
