Elecon Engineering announced on Monday that it had bagged a Rs 82.78 crore contract from ArcelorMittal Nippon Steel India Ltd in Surat.

According to an exchange filing dated January 22, Elecon announced that it had received a Letter of Intent from ArcelorMittal Nippon Steel India for a contract for the manufacturing and supply of Belt Conveyor Mechanical Equipment and Technological Structure for its Hazira Plant in Surat, Gujarat.

The contract value of the order is Rs 82.78 crore, excluding goods and services tax (GST) and is to be executed within 10 months. 

The Gujarat-based company manufactures industrial gear and material handling equipment. Elecon Engineering majorly serves fertiliser, cement, coal, power generation, mining, chemical and steel industries, among others.

As per the company’s December 2023 shareholding pattern, ace investor Vijay Kedia held a 1.47% stake in the company. The same figure stood at 1.60% in the September quarter.