South West Pinnacle Exploration Secures Contract to Install Borewells for Odisha Lift Irrigation Corporation
South West Pinnacle Exploration Limited (SWPE) has received a Letter of Intimation (LOI) from M/s Odisha Lift Irrigation Corporation Limited (OLIC), a Government of Odisha undertaking. The contract involves the installation, electrification, energisation, and commissioning of 500 deep borewells across the state of Odisha.The total value of this work, inclusive of GST, stands at approximately INR 18.71 Crores.
Key Terms and Scope Details
The engagement with OLIC, a domestic entity, outlines specific terms and conditions related to the execution and guarantee period of the project. The scope encompasses conducting VES tests, drilling and lowering the casing pipe, installing submersible pumps, and constructing a three phase LT Line.The contract is set for completion within 180 days.
Details regarding the agreement are provided below:
| Aspect | Detail |
|---|---|
| Client Entity | M/s Odisha Lift Irrigation Corporation Limited (OLIC) |
| Nature of Work | Installation, electrification, energisation, and commissioning of 500 deep borewells in Odisha. |
| Contract Value | Approximately INR 18.71 Crores (including GST). |
| Execution Timeline | 180 days. |
| Initial Security Deposit | 2% to be submitted within 7 days. |
| Guarantee Period | 18 months from the date of completion and commissioning. |
The transaction is noted as a domestic contract, and neither SWPE nor its promoter group hold any interest in OLIC. Furthermore, the order does not fall under related party transactions.
SOUTHWEST Stock Price Movement
Shares of South West Pinnacle Exploration Limited are rallying as of 2:42 PM today, climbing by 2.67% to trade at ₹224.97; this positive movement occurs amidst strong activity with a total volume of 60,114 shares and the stock remaining below its day high of ₹229.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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