Welspun Enterprises Clinches ₹291-Crore BMC Construction Deal
Welspun Enterprises Ltd. has secured a significant ₹291-crore construction order from the Brihanmumbai Municipal Corporation (BMC) through its subsidiary, Welspun Michigan Engineers Ltd. The contract, one of the largest for Welspun Michigan, involves the design, construction, and operation of the Mogra Storm Water Pumping Station in Mumbai’s K/W Ward.
The project will include the planning, designing, and execution of mechanical, electrical, instrumentation, and automation systems, with the pumping station fully operated and maintained upon completion. This engineering, procurement, and construction (EPC) contract, set to be completed over 20 months, reinforces Welspun Michigan’s growing expertise in urban infrastructure development. Sandeep Garg, Managing Director of Welspun Enterprises, expressed pride in the company’s continued success, noting that the Mogra project is a pivotal achievement in the pumping station segment.
Welspun Michigan had previously contributed to Mumbai’s infrastructure with notable projects, including the 3110 MLD Britannia Storm Water Pumping Station as part of the Brihanmumbai Storm Water Drain initiative. The company’s order book now stands at ₹2,791.76 crore, with the addition of the Mogra project boosting its portfolio. The company has also made significant strides in other major projects, including the Dharavi to Ghatkopar tunneling order worth ₹1,150 crore. The robust order book, which includes ₹124.75 crore allocated for operations and maintenance, indicates strong growth potential for the company.
However, despite this positive momentum, Welspun Enterprises’ stock saw a slight decline of 1.15% on the National Stock Exchange, closing at ₹578.20, against a broader market dip of 0.18% in the Nifty index. Analysts have maintained a ‘hold’ rating on the stock, with price targets suggesting a potential downside of 6.8% over the next year, according to Bloomberg data. The new order from BMC marks a crucial step in Welspun Enterprises’ continuing journey towards strengthening its position in India’s growing urban infrastructure sector.
