Welspun Enterprises has emerged as the lowest bidder for a Rs 1,990-crore water tunnel project in Mumbai, according to an exchange filing released by the company on Friday. The Brihanmumbai Municipal Corporation (BMC), the city's civic body, had invited bids for the project. Welspun’s offer, excluding goods and services tax (GST), stood at Rs 1,989.9 crore.
The project involves the design and construction of a tertiary-treated water conveyance tunnel spanning 8.48 kilometres, with a 3,500 mm bored diameter. The tunnel will transport water from the wastewater treatment facility in Dharavi to Ghatkopar. The contract is expected to be executed over a period of 93 months, utilising a tunnel boring machine for construction.
Welspun Enterprises, a prominent infrastructure developer, has a diverse portfolio of projects across various sectors. The company reported a strong financial performance in the quarter ended June 2024, with a net profit of Rs 959.8 crore, marking an 18.2 per cent increase year-on-year. During the same period, Welspun's total income rose to Rs 959.76 crore, up from Rs 750.04 crore in the corresponding quarter of the previous year.
On Friday, shares of Welspun closed 1.2 per cent lower at Rs 557.25 on the NSE, compared to a 0.14 per cent decline in the benchmark Nifty 50 index. Despite this slight dip, the stock has seen a significant rise of 70.8 per cent year-to-date and a sharper surge of 96.9 per cent over the past 12 months.
This Mumbai water tunnel project is another significant milestone for Welspun Enterprises, further solidifying its position in India’s infrastructure sector.
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