Punj Lloyd Ltd. said its wholly-owned subsidiary and the Group's infrastructure development arm Punj Lloyd Infrastructure Ltd., or PLIL, had received a Letter of Award or LoA for Rs.1,300 crore from Delhi Police for the development of Police Residential Complex at Dheerpur, Delhi, on design, build, finance, operate and transfer basis.
PLIL will be signing a concession agreement with Delhi Police, which is under the aegis of Ministry of Home Affairs, for 25 years and will be entitled to semi-annual annuities of Rs.62.75 crore along with construction milestone linked lump sum payment of Rs.316 crore.
The project primarily entails development, operation and maintenance of the residential zone of over 5,000 units (around 40 lakh sq.ft.) along with utility facilities such as sewerage and water treatment. It also includes development and commercial operations of the non-residential infrastructure such as schools, healthcare, convenience shopping as per the norms laid down in the Delhi Master Plan 2021.
Company's Director-Corporate Affairs Luv Chhaba said, "Punj Lloyd is proud to be associated with Delhi Police and the Ministry of Home Affairs in their endeavor to create high quality housing for its personnel, who have been dedicatedly engaged in ensuring safety and security of the people of Delhi."
He added, "With this LoA, PLIL has further enhanced its credentials as an infrastructure project developer. This will be in addition to the two existing assets of PLIL, which include a Rs.735 crore BOT road project, under construction, and a PV based 5 MW solar power project, which has recently started commercial operations."
At the BSE, Punj Lloyd shares are being traded at Rs.49.50, up by 7.03 percent from the previous close.
For comments and feedback: editorial@rttnews.com