As part of the agreement, SEPC has bid for infrastructure work in three selected zones of Jeddah North, Phase 1A. The project has a total value of around SAR 893 million, or ₹2,200 crore.
SEPC Ltd’s shares increased 14.6% on March 12 after announcing a ₹2,200 crore infrastructure project agreement with ROSHN Group Company in Riyadh, Kingdom of Saudi Arabia (KSA).
In a stock exchange statement, the firm formerly known as Shriram EPC Ltd stated that the deal will allow the company to carry out infrastructure projects in Saudi Arabia, namely in the city of Jeddah.
As part of the agreement, SEPC has bid for infrastructure work in three selected zones of Jeddah North, Phase 1A. The project has a total value of around SAR 893 million, or ₹2,200 crore.
According to the firm, this project will make a substantial contribution to the region’s infrastructure development as Jeddah grows and modernises.
The framework agreement paves the way for the future implementation of “Call-off Orders,” which are individual work orders for the zones specified in the agreement.
While the original scope spans three zones, SEPC is likely to be granted work in at least one of these zones if the Framework Agreement is successfully signed.
These Call-off Orders will allow SEPC to commence infrastructure development in stages, allowing them to efficiently manage and finish the work over three zones.
This agreement represents SEPC’s strategic effort to enhance its footprint in the Middle Eastern market, notably in Saudi Arabia, which is seeing substantial infrastructure expansion as a result of its Vision 2030 plan.
The deal with ROSHN Group creates new chances for SEPC to contribute to the continuous change of Saudi Arabia’s urban landscape.
SEPC shares surged 14.65% to an intraday high of ₹14.71 on the BSE in early trading. However, the stock trimmed some of its early gains to trade 11.38% higher at ₹14.29 a share on the BSE at 10:42 am.
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