Almondz subsidiary AGICL won a Rs 33.15 cr Odisha IDCO contract to guide infrastructure projects for two years.

Almondz Global Infra-Consultant Limited, or AGICL, will act as Programme Management Consultant for the Odisha Industrial Infrastructure Development Corporation, known as IDCO.

In plain terms, it will advise the state agency on its infrastructure projects. IDCO is the Odisha government’s agency for developing industrial infrastructure in the state.

It picked AGICL through a Quality and Cost Based Selection process. That method scores bidders on both technical strength and price.

The deal is worth Rs 33.15 crore, excluding GST, the goods and services tax. It runs for two years. The letter of award is dated 29 September.

Almondz Global Securities, the listed parent, told the exchanges about the win on 30 September.

AGICL is its subsidiary and provides consultancy services. A few steps remain before the work formally starts.

AGICL must submit a performance bank guarantee of Rs 3.32 crore within seven days of the award letter.

This is a bank-backed promise to the client that the job will be delivered. It must also sign a formal contract within 15 days.

The parent company has to enter into a separate agreement in the format IDCO prescribes.

The sources do not name the individual projects or give their locations. For context, the group is reshaping its structure.

On 24 August, the parent’s board approved a plan to demerge its infrastructure advisory business into AGICL.

A demerger moves a business out of one company and into another. Under the plan, AGICL becomes the home of that advisory business.

So the next things to watch are the guarantee, the signed contract and the start of consultancy work for IDCO.

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