Starworth Infrastructure & Construction Limited (SICL), a wholly owned subsidiary of Puravankara, has received a Letter of Intent from NPS Developers for a significant construction project in Bangalore. The contract, valued at approximately ₹144.45 crore, involves the execution of civil, structural, waterproofing, finishes, and allied works for the residential project named Nature’s Nest. Located at Survey No. 54/4, Chinnagenahalli, Doddabanahalli, Bangalore District, Karnataka, the project is set to enhance the residential landscape of the area.
The contract is structured as an item rate contract and is expected to be completed within a 28-month timeframe. The agreement is classified as a domestic contract, with no involvement of international entities. Furthermore, the promoter group or group companies of Puravankara have no interest in NPS Developers, ensuring that the contract does not fall under related party transactions.
This development marks a significant milestone for SICL, reinforcing its position in the construction sector and its commitment to delivering high-quality residential projects. The contract value of ₹144.45 crore excludes GST and Labour Cess, underscoring the substantial scale of the project.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).