RPP Infra Projects Secures Rs. 205 Crore Contract for Chennai Sports City
Filing Summary
RPP Infra Projects Ltd has received a work order valued at Rs. 205,89,14,000 from the Sports Development Authority of Tamil Nadu. The contract involves the establishment of a Global Sports City in Chennai, covering design, engineering, procurement, and construction. The project is scheduled for completion within 18 months from the site handover. This order is part of RPP Infra’s ongoing efforts to expand its infrastructure portfolio. The company is required to provide a performance security deposit of Rs. 5,18,26,000, which will be returned after a 36-month defect liability period.
RPP Infra Projects Ltd has announced the receipt of a new work order from the Sports Development Authority of Tamil Nadu for the establishment of a Global Sports City in Chennai. The contract is valued at Rs. 205,89,14,000, inclusive of GST at 18%. This development was disclosed in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The financial terms of the contract require RPP Infra Projects to furnish a performance security deposit amounting to Rs. 5,18,26,000. This figure is calculated as 3% of the contract value, minus an Earnest Money Deposit of Rs. 99,42,000. The performance security deposit will be valid for 36 months, covering the defect liability period from the project’s completion date. The deposit will be returned after this period, ensuring compliance with the contractual obligations.
The scope of the project includes the design, engineering, procurement, and construction of the Global Sports City in Chennai. The contract specifies that RPP Infra Projects will act as the contractor responsible for these deliverables. The project is to be executed in accordance with the quality standards outlined in the contract, ensuring adherence to the specified requirements.
The timeline for the project stipulates a completion period of 18 months from the date of site handover. RPP Infra Projects is required to submit a Time and Progress Chart within 21 days of receiving the work order. This chart will outline quarterly milestones and resource plans, which must be approved by the Engineer-In-Charge. Failure to meet these conditions within the specified timeframe could result in the cancellation of the tender.
The Sports Development Authority of Tamil Nadu is responsible for overseeing the development of sports infrastructure in the region. This project aligns with their objective to enhance sports facilities and promote sports activities in Tamil Nadu.
RPP Infra Projects Ltd is a construction and infrastructure development company engaged in various projects across India. The company focuses on expanding its portfolio in sectors such as roads, bridges, and industrial structures. This contract for the Global Sports City in Chennai is part of RPP Infra’s strategic initiatives to strengthen its presence in the infrastructure sector.