Crane leasing firm Sanghvi Movers Ltd on Monday said it has received work orders worth Rs 150 crore from eminent independent power producers (IPPs) in the renewable energy sector.

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It will provide crane rental services along with allied services comprising WTG surface logistics, inter-carting, installation and pre-commissioning of WTGs, and development of wind farm and storage yard, the company said in an exchange filing.

The crane services account for approximately 50 percent of the total contract value and the rest is accounted for by the aforementioned activities under wind EPC services, Sanghvi Movers Ltd said.

These contracts are valid for 18 months, beginning April 2023. Out of the total contract value, 41 percent will be executed in the current financial year, and the balance will be completed in the next fiscal.

"The total order value translates to 539 MW of new capacity added by our esteemed customers," Sanghvi added.

Sanghvi Movers is the largest crane rental company in India with a fleet of 400 plus medium to large-sized heavy-duty telescopic and crawler cranes used in the power, steel, cement, fertilizers, petrochemicals and refineries, metros, and windmill sectors.

Shares of Sanghvi Movers Ltd ended at Rs 546.55, up by Rs 23.10, or 4.41 percent, on the BSE.