Vascon Engineers Limited has secured a Letter of Intent (LoI) worth Rs 225.46 crore from Royal Rides Pvt Ltd for the construction of two terminal buildings and ropeway tower works at Panaji and Reis Magos in Goa. The order is awarded on a design and build basis, with a completion timeline of 36 months from the date of LoI.
Major boost for infrastructure in Goa
The project will involve comprehensive site development and construction of ropeway terminal infrastructure, which is expected to enhance tourism and intercity connectivity across the coastal state. Vascon will undertake the full execution including planning, design, and construction under its EPC (Engineering, Procurement, and Construction) model.
Contract details
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Client: Royal Rides Pvt Ltd, Goa
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Contract value: Rs 225.46 crore (excluding GST and labour cess)
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Project scope: Design and construction of terminal buildings, ropeway tower foundations, and supporting development
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Completion timeline: 36 months
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Transaction nature: Not a related party transaction
Vascon confirmed that none of its promoters or group companies have any interest in the awarding entity, ensuring complete transparency of the contract.
FAQs
What is the value of the new project secured by Vascon Engineers?
Rs 225.46 crore, excluding GST and labour cess.
Where will the project be executed?
At Panaji and Reis Magos, Goa.
What is the duration for completion of the project?
The project is to be completed within 36 months from the issuance of the Letter of Intent.
Is this a related party transaction?
No, the project has no link to promoter group interests and is an independent award.
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