RKEC Projects Limited Announces Termination of EPC Contract for Mumbai Passenger Jetty
RKEC Projects Limited confirmed the termination of its Engineering, Procurement, and Construction (EPC) contract for the Passenger Jetty and Terminal Facilities at Radio Jetty near Gateway of India, Mumbai. The client issued the termination notice via a letter dated April 21, 2026.The company initially received the work order related to the 'Passenger Jetty and Terminal Facilities at Radio Jetty near Gateway of India, Mumbai on EPC mode' with a contract value of approximately Rs.186.67 Cr. RKEC Projects Limited had previously intimated the award of this work order on October 5, 2024.
The termination follows a complex period on the project. RKEC stated that the project faced various turbulences, including multiple PILs and SLPs, alongside changes in design, resulting in significant delays. The company noted that these factors were beyond its control and had sought an Extension of Time. However, the client, identified as MMB, allegedly terminated the contract citing delays on RKEC Projects Limited's part.
Moving forward, the company has stated that it will put forth all efforts to recover its costs, losses, opportunity losses, and consequential losses through the mechanism of Arbitration.
RKEC Stock Price Movement
Today, RKEC Projects Limited shares edged higher to close at ₹38.47, representing a robust 2.64% gain for the day. The equity settled at this level amid a total volume of 48,801 shares traded during the session.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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