Mumbai: Ahmedabad-based Advait Energy Transitions Ltd has received a new turnkey contract worth Rs 51.62 crore from Dakshin Gujarat Vij Company Ltd (DGVCL). The company announced on Tuesday that it received the order on July 6.
The project will help improve electricity distribution infrastructure in parts of Gujarat and further strengthens the company's order pipeline.
Scope Of Work
Under the contract, Advait Energy will supply, install, test and commission 11KV 55mm² AAAC Medium Voltage Covered Conductors (MVCC) along with all related accessories.
The company will also install additional poles wherever required. While DGVCL will provide the PSC and RSJ poles, Advait Energy will be responsible for supplying and installing the accessories connected with the project.
The contract has been awarded on a turnkey basis, meaning the company will handle the project from supply to final commissioning.
Project Timeline
The work will be carried out in the operational area of Dakshin Gujarat Vij Company Ltd under the Vanbandhu Kalyan Yojana-2 (VKY-2) scheme or any other applicable government scheme.
The total contract value is Rs 51.62 crore, including taxes. The company said the entire project is expected to be completed within 15 months.
Advait Energy also clarified that the order has been awarded by a domestic entity and does not involve any related-party transaction. The promoter and promoter group have no interest in the awarding company.
Battery Storage Expansion
The latest contract comes only weeks after another major development for the company.
In June, Advait Energy's wholly-owned subsidiary, Advait BESS Bhesaan Private Ltd, signed a Battery Energy Storage Purchase Agreement (BESPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL).
The agreement covers the development of a 150 MW/300 MWh standalone Battery Energy Storage System (BESS) project under GUVNL's Phase VIII programme. The project will receive viability gap funding through the Power System Development Fund (PSDF) and will be located near the 220 kV Bhesan AIS substation of GETCO in Gujarat.
Under the agreement, the subsidiary will develop, own and operate the battery storage project.
Stock Performance
Despite the fresh order announcement, shares of Advait Energy Transitions Ltd ended Tuesday's trading session at Rs 2,148, down Rs 34.80, or 1.59 percent, on the BSE. Investors will continue to monitor the company's execution of its growing order book and progress in the clean energy and power infrastructure business.
