Shares of state-owned Engineers India Ltd. (EIL) rose by almost 2% on Thursday, 13 February, following the company’s announcement that it had secured a project management consulting contract worth Rs 106 crore from Indian Oil Corporation Ltd.
The firm has ordered Project Management Consultancy (PMC) services for Phase I of the Paradip Petrochemical Complex project in Paradip, Odisha.
The contract comprises basic Project Management and Managing Project Management Consultancy (MPMC) Services, as well as specific Project Management Consultancy (PMC-2) Services for the PP, IPA, EDC/VCM units, and Offsites and Utilities (O&U) components under the PDPC.
The project is planned to be completed in ten months, with a total estimated contract value of around Rs 106 crore, according to a stock exchange filing made by EIL.
The Paradip Petrochemical Complex, located in Paradip, is a significant IOCL project that aims to expand the country’s capacity for petrochemical manufacturing. Meeting India’s growing need for petrochemical products, promoting its industrial development, and ensuring its energy security will all depend on this complex.
During the first phase of the project, EIL will provide full consulting services, including project management for the entire undertaking and specialist management support for numerous significant and intricate components.
The scope of the project also includes the utilities and offsites required for the full petrochemical plant to operate efficiently.
It is anticipated that the collaboration between IOCL and EIL will offer efficient project management and prompt execution to aid in the expansion of this important industrial cluster in Odisha.
Engineers India Ltd, a well-known engineering consulting and project management company, has been tasked with delivering excellent consulting and project management services for this important project.
During morning trade, Engineers India Ltd.’s shares rose by as much as 1.79%, peaking at Rs 171.90 per share on the NSE intraday. However, at 3:13 pm, the shares shed all their early gains and were trading 1.84% lower at Rs 165.76 on NSE.
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