ARSS Infrastructure Projects Limited, currently under Corporate Insolvency Resolution Process (CIRP), has announced receiving a significant work order valued at ₹207.74 crore. The contract, awarded by ABCI-SCPL-SIPS JV, involves comprehensive railway and infrastructure-related projects.
Key Details of the Work Order:
- Awarding Entity: ABCI-SCPL-SIPS JV
- Project Scope: Includes supply and installation of railway track materials, deep screening, ballast-related activities, welding, reconditioning, electrification of railway tracks, and several other specialized tasks.
- Duration: The project is scheduled for completion within 24 months, subject to mutual agreement.
- Project Value: ₹207.74 crore
Related Party Involvement:
The company disclosed that a related party holds a 25% share in the awarding JV. However, the transaction has been confirmed to occur at arm’s length, adhering to regulatory standards.
Statement from ARSS Infrastructure:
The company has expressed its commitment to executing this project successfully, further solidifying its presence in the infrastructure and railway sectors.
