Hindustan Construction Company Limited (HCC) witnessed a 14% surge in its stock price after announcing a significant ₹2,470 crore contract win in partnership with Tata Projects Limited (TPL). As of 10:18 AM, the shares were trading 14.61% higher at Rs 28.17.
The 50:50 joint venture has secured the contract from Tata Power Company Limited to construct the Bhivpuri Off-Stream Open Loop Pumped Storage Project (PSP) in Karjat, Maharashtra. This 1000 MW project is set to boost India’s renewable energy storage capacity.
The project encompasses crucial civil and hydro-mechanical components, including a coffer dam, intake structures, head race tunnels, penstock, surge shaft, powerhouse, tail race tunnel, and a new lower reservoir with a GFRD dam. Additionally, essential infrastructure such as roads, drains, and building structures will be developed to ensure smooth execution. HCC and TPL will also review and integrate electro-mechanical works, emphasizing energy storage and hydropower efficiency.
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