R.P.P. Infra Projects Limited Secures Work Order from SIPCOT for Hard Rock Material Removal
R.P.P. Infra Projects Limited has secured a new work order from the State Industries Promotion Corporation of Tamil Nadu Limited (SIPCOT). The contract involves the removal of retrieved hard rock materials at the SIPCOT Industrial Park in Shoolagiri.The acceptance of the tender confirms the award of work for the removal of retrieved hard rock materials at SIPCOT Industrial Park, Shoolagiri. The total value of the work order stands at Rs. 5,13,00,000 (Rupees Five crores Thirteen lakhs only), which includes all applicable GST.
The contract award is a domestic transaction. According to the details provided, the execution timeline for the contract is specified as 12 months from the date of handing over the site. The company is also requested to take over the site and commence work within 15 days from the date of receiving the work order.
The financial terms and requirements associated with the contract include a substantial upfront commitment and staggered payments.
| Financial Aspect | Details | Amount / Period |
|---|---|---|
| Total Contract Value | For removal of hard rock materials | Rs. 5,13,00,000 |
| Security Deposit | 5% of Contract value | Rs. 25,65,000 |
| Advance Payment Terms | Initial payment received within 30 days of work order issue | 50% of contract price |
| Balance Payment Structure | Payments received over subsequent months | 25% (on 6th Month), 25% (on 9th Month), plus 12% Simple Interest to SIPCOT |
The acceptance notice from SIPCOT requires R.P.P. Infra Projects Limited to produce a non-judicial stamp paper valued at Rs. 500 for the preparation of the agreement within 10 days. Furthermore, the company must also submit copies of its PAN CARD and GST number along with the stamp paper.
The terms specify that the contract is not deemed complete until a written agreement is signed by both R.P.P. Infra Projects Limited and an authorized officer of SIPCOT Limited.
RPPINFRA Stock Price Movement
On Friday, R.P.P. Infra Projects Limited shares edged higher to close at ₹71.32, representing a robust 3.94% gain for the session. The equity saw positive momentum, supported by a total traded volume of 30,679 shares after trading above its previous close of ₹69.26.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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