Shares of Power Mech Projects Ltd (PMPL) climbed to its 52-week high on Thursday after the company received orders worth more than Rs 6,100 crore from the Adani Group. At 10:50 am, shares of PMPl were trading at Rs 1,206.35, up 4.33 percent on the BSE.

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The Hyderabad-based company has bagged five Flue Gas Desulphurisation (FGD) projects from Adani Group, the company said in an exchange filing.

The order covers 15 FGD retrofits for coal-based units of 330 MW to 660 MW in size. The orders are worth Rs 6,163.2 crore and are on a "complete engineering, procurement and construction" (EPC) basis. It is expected to be completed within 30 months and would be implemented at Adani Group's coal-based power plants in Mundra, Tiroda, Kawai, and Udupi where PMPL has already established its presence.

PMPL said that these FGD units will effectively curb Sulphur-dioxide emissions with 92 percent recoveries and will play a vital part in helping India's ambitious goal of reducing emission-intensity as announced at the United Nations Climate Change Conference, COP26.

PMPL highlighted, in the exchange filing, that the company already has the exposure of installing India's First Operational FGD at Vindhyachal 500 MW unit as an associate to General Electric (India) Ltd in 2018 itself.

Commenting on the projects, Sajja Kishore Babu, Chairman and MD, PMPL said: "These major orders will invariably strengthen the already robust order-book and enable the company to further diversify its scope, in line with its strategy to balance optimum mix between power and non-power segments. With the projected revenues flowing in from FGD system projects, we expect to enjoy sustainable fiscal margins in the future and also ensure augmenting O&M footprint in the near future."

"Adani Group is considered a highly valued customer to PMPL with an association of over 15 years; rendering services for the group in multiple portfolios including Power, Infra, Pipelines, Material Handling, etc," the construction and services company said.

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(Edited by : Akanksha Upadhyay)

First Published:Aug 18, 2022 10:58 AM IST