Power Mech Projects Limited Secures ₹563.23 Crore Deal for Kaiga Atomic Power Project

On May 29, 2024, Power Mech Projects Limited informed in an exchange filing that the company secured its first construction project in the critical nuclear power sector.

The company has secured a substantial contract worth ₹563.23 crore from BHEL – Power Sector Southern Region. The contract involves Civil, Structural, and Architectural works for the Turbine Island package of 2 x 700 MWe, PHWR, Kaiga Atomic Power Project (Units 5 and 6) in Uttar Kannada District, Karnataka. This promising opportunity marks a significant advancement for PMPL as it expands into a new sector, showcasing its dedication to bolstering the nation’s energy infrastructure.

The project encompasses various segments, including civil, electrical, and structural tasks such as constructing the TG building, foundations for equipment, storage tanks, chemical lab, sewage network, peripheral drains, culverts, stormwater drains, plinth protection, condenser cooling water pipes, pipes and cable bay, sanitary works and plumbing.

Speaking of this significant project, Chairman and Managing Director of Power Mech Projects Ltd, Mr Sajja Kishore Babu, said, “This historic accomplishment is a testament to PMPl’s proven credibility and continuous track record in managing complex projects and its ability to meet the stringent quality and safety requirements in the nuclear power industry. In securing this project, another door opens for PMPL to further its establishment in the nuclear power sector and contribute to the nation’s growing sustainable energy needs.”

He further added, “Nuclear power is on the cusp of a significant transformation in India with a large scope for expansion. While Nuclear power currently contributes a modest 3% to the national grid, the government’s bold vision is to triple the capacity to 22,480 MW by 2031, making it nearly 9% of electricity generation by 2047. This would be a spectacular achievement, which translates into a tenfold increase in nuclear power’s contribution. We are proud and happy to play a part in the nuclear power sector’s growth in the country and are confident to undertake more projects that align with our ambitious tradition.”

On May 29, 2024, the share price of Power Mech Projects Ltd opened at ₹4,720.40, touching the day’s high at ₹4,831.70, as of 12:22 PM on the NSE.

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