Puravankara Subsidiary Secures ₹280 Crore Construction Contract

Puravankara Ltd has announced that its wholly owned subsidiary, Starworth Infrastructure & Construction Limited (SICL), has received a Letter of Intent for a construction project at the Vellore Institute of Technology (VIT). The project involves the construction of the Ruby Block (Academic Block) Phase I at the VIT Vellore Campus, located in Vellore.

The accepted value of the contract is ₹280 Crores, excluding GST. The contract is structured as an item rate contract and is expected to be executed over a period of 24 months. The entity awarding the contract is VIT, a domestic educational institution. There are no related party transactions associated with this contract, and the promoter or promoter group of Puravankara Ltd does not have any interest in VIT.

The details of the contract have been disclosed in compliance with Regulation 30 and Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The information is also aligned with the SEBI Master Circular dated November 11, 2024.

Vellore Institute of Technology is a prominent educational institution in India, known for its focus on engineering and technology education. The institution frequently undertakes infrastructure development projects to expand and enhance its campus facilities.

Puravankara Ltd is a leading real estate developer in India, focusing on residential and commercial projects. The company is committed to delivering high-quality construction projects and expanding its presence in the infrastructure sector through its subsidiary, SICL.