Shares of IRCON International Ltd are trading flat after touching a day’s high of Rs 172.30 on 27th October, even as the company announced on 24th October that its joint venture with Finolex J-Power Systems Ltd has received a Letter of Award (LOA) from Maharashtra State Electricity Transmission Company Ltd (MSETCL) for a turnkey works contract worth Rs 168.40 crore (excluding GST).

The project involves building a 220kV double circuit transmission line. It will connect the Koradi-II Substation to the Mankapur Substation in Nagpur, with both overhead and underground components.

Under the joint venture, IRCON holds a 51% stake, while Finolex J-Power Systems Ltd owns 49%. The project will be completed in 18 months, excluding the monsoon season.

The Rs 168.40 crore order is a domestic works contract awarded by MSETCL. IRCON confirmed that it is not a related-party transaction. None of its promoters or group companies have any interest in MSETCL.

Earlier in May, IRCON International had won a Rs 253.6 crore contract from South Western Railway. The contract is to implement KAVACH — India’s indigenous train collision avoidance system — across 778 route kilometres in the Bengaluru and Mysuru divisions. The work includes survey, design, supply, installation, testing, and commissioning. The completion timeline is 18 months from the Letter of Acceptance date.

At 2:34 PM, shares of IRCON International were trading 0.37% higher at Rs 170.45 on NSE.

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