Mumbai (Maharashtra) [India], July 5 (ANI): GK Energy Limited has received a Letter of Empanelment (LoE) from the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 10,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS) pumps worth Rs 235.92 crore under the Magel Tyala Saur Krushi Pump Yojana, according to the company’s stock exchange filing.
In the filing made under SEBI Listing Regulations, the company said it had “received a Letter of Empanelment (LoE) from Maharashtra State Electricity Distribution Company Limited for 10,000 Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS) pumps of 3 HP, 5 HP, 7.5 HP for the entire state of Maharashtra under Magel Tyala Saur Krushi Pump Yojana."
It added, “The total value of the 10,000 pumps is Rs. 235.92 Crores (inclusive of GST), which is to be executed within 60 days from the issuance of work order/NTP."
A Letter of Empanelment (LoE) is a document issued by the awarding authority to notify a company that it has been selected for a project or programme. It typically precedes the issuance of a formal work order or Notice to Proceed (NTP), after which execution of the project begins.
As per the annexure to the exchange filing, the scope of the contract includes the “Design, Manufacture, Supply, Transport, Installation, Testing and Commissioning of Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS)."
The filing stated that the order has been awarded by a domestic entity and is a “one time" order. It further said the execution period is “within 60 days from the date of issuance of Work Order/Notice to Proceed (NTP)."
GK Energy also said that its promoter, promoter group and group companies have no interest in the entity awarding the contract. It further stated that the contract does not fall within related-party transactions. (ANI)
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