Bengaluru-based realty firm Puravankara Ltd announced that its wholly-owned subsidiary Starworth Infrastructure & Construction Ltd has received a ₹57.80 crore letter of intent for a civil construction contract at a Westin Hotel project in Bengaluru. According to the latest regulatory filing submitted to the National Stock Exchange of India (NSE), the order has been awarded by Innmar Tourism and Hotels Private Ltd for the execution of civil, structure, waterproofing and allied works at the Westin Hotel project located at Survey No. 12 and 13, beside Kundalahalli Metro Station, EPIP Area, Whitefield, Bengaluru. The contract involves the execution of civil, structural, waterproofing, and allied works for the Westin Hotel project located beside Kundalahalli Metro Station in the EPIP Area of Whitefield, Bangalore.
The contract value is ₹57.80 crore plus applicable taxes, duties and levies, with the project scheduled for execution over a period of 20 months based on an item-rate contract structure. As reported by the latest regulatory filing, the company confirmed that the order has been awarded by a domestic entity and there is no promoter, promoter group or group company interest in the awarding entity. The contract does not fall under related party transactions, ensuring arm's length business dealings. This domestic contract underscores Starworth Infrastructure & Construction's capabilities in handling substantial infrastructure projects within the country.
This latest award follows Puravankara's subsidiary receiving a letter of intent last month for executing civil, structural, waterproofing, finishes and allied works for a residential project named Nature's Nest in Bengaluru. According to CNBC TV18, the residential project, located at Chinnagenahalli, Doddabanahalli in Karnataka, has been awarded by NPS Developers with an approximate contract value of ₹144.45 crore (excluding GST and labour cess) and is scheduled for completion over a period of 28 months.
Shares of Puravankara Ltd ended at ₹211.60, down by ₹2.90, or 1.35% on the BSE on Tuesday, May 12, as reported by CNBC TV18. The mixed market reaction comes despite the significant contract wins for the company's infrastructure subsidiary, reflecting broader market conditions affecting the real estate sector. This development marks a significant milestone for Puravankara Limited, further cementing its position in the Indian construction and infrastructure sector.
