Indian Hume Pipe Co receives LOA for providing water supply schemes in Uttar Pradesh

Srikalahasthi Pipes: Belgrave Investment Fund increased its stake in the company to 6.07% from 5.8% earlier via open market purchases.

Concrete pipe manufacturer Indian Hume Pipe Co Ltd on Friday said it has received letter of acceptance from the Uttar Pradesh government for providing water supply schemes in 550 villages in the state at an approximate value of Rs 550 crore.

"The company has received letter of acceptance (LOA) from State Water and Sanitation Mission, Namami Gange and Rural Water Supply Department (SWSM), Lucknow, Government of Uttar Pradesh for providing water supply schemes in 550 villages of Kanpur Division in Uttar Pradesh at an approximate value of Rs 550 crore," Indian Hume Pipe Co said in a regulatory filing.

However, Indian Hume Pipe Co said as per tender condition the total contract value of the work for 550 villages  will be finalised and awarded after submission of Detailed Project Report (DPR) by the company and approved by the State Government.

Indian Hume Pipe Co said the submission of the detailed project report will be in tranches and the need to be submitted within 180 days from the date of receipt of list of villages by the company from SWSM.

"However, minimum work to the tune of Rs 400 crore is guaranteed as per tender condition," the company added.

The project is to be completed within 21 months from the date of signing of multipartite agreements, the company added.