Globe Civil Projects Ltd Receives Rs. 2.37 Crore Award for Sports Complex
Filing Summary
Globe Civil Projects Ltd has been awarded a contract valued at Rs. 2,37,44,655 for the construction of an indoor sports complex at Guru Gobind Singh Indraprastha University in New Delhi. The project involves providing and fixing flooring, light fixtures, and allied works. The contract, awarded by the university, is set to be completed within 45 days. Globe Civil Projects Ltd is required to submit a performance guarantee of Rs. 11,87,233. This development is part of the company’s ongoing efforts to expand its portfolio in the construction sector.
Globe Civil Projects Ltd has received a Letter of Award for a project valued at Rs. 2,37,44,655. The contract involves the construction of an indoor sports complex at Guru Gobind Singh Indraprastha University, located in Sector 16C, Dwarka, New Delhi. The scope of work includes providing and fixing flooring, light fixtures, and allied works. This award was communicated in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The financial terms of the contract specify a project value of Rs. 2,37,44,655. Globe Civil Projects Ltd is required to submit a performance guarantee amounting to Rs. 11,87,233. This guarantee must be submitted within seven days of the award letter, with a possible extension of an additional seven days subject to a late fee of 0.1% per day. The performance guarantee is to be in the prescribed form as outlined in the contract’s general conditions.
The operational scope of the project includes the construction of an indoor sports complex with specific tasks such as providing and fixing flooring, installing light fixtures, and completing allied works. The project follows a Bill of Quantities (BOQ) contract structure, ensuring that all terms and conditions align with the tender document provided by the awarding entity.
The project is to be completed within a period of 45 days from the commencement date, which is set to begin seven days after the issuance of the award letter. The site will be handed over to Globe Civil Projects Ltd upon receipt of the performance guarantee. The project is awarded by a domestic entity, Guru Gobind Singh Indraprastha University, which is a significant educational institution in New Delhi.
Guru Gobind Singh Indraprastha University is a prominent educational institution in New Delhi, focusing on providing quality education and infrastructure. The university’s decision to enhance its facilities with an indoor sports complex aligns with its commitment to fostering a comprehensive educational environment.
Globe Civil Projects Ltd is engaged in the construction sector, specializing in infrastructure projects. The company focuses on expanding its project portfolio by securing contracts in various sectors, including educational infrastructure. This award is part of its strategic efforts to strengthen its presence in the construction industry.