Drake & Scull Subsidiary Lands AED 169M Contract
Passavant, a Drake & Scull subsidiary, secures a major contract for a water treatment plant in India, marking a significant milestone for the company.
Summary
Passavant, a subsidiary of Drake & Scull International, has been awarded a AED 169 million contract to build a water treatment plant in India, enhancing its presence in the global market.
Drake & Scull International PJSC, a leading construction and engineering company based in the UAE, has announced a significant achievement through its subsidiary, Passavant Energy & Environment Ltd. The company has successfully secured a major contract valued at AED 169 million for the design, procurement, construction, testing, and commissioning of a 70 million liters per day water treatment plant in the AURIC Bidkin Industrial Area of Maharashtra, India. This project, awarded by Maharashtra Industrial Township Limited (MITL), also includes the laying of a 900 mm diameter water pipeline and a 10-year operation and maintenance agreement.
The contract award is a testament to Passavant's expertise in delivering high-quality water treatment solutions. Mr. Muin El Saleh, CEO of Drake & Scull International PJSC, expressed his honor in being selected for this prestigious project, highlighting the company's proven capabilities in water and wastewater treatment, infrastructure development, and sustainable engineering solutions.
This new project not only strengthens Drake & Scull's position as a leading provider of environmental and infrastructure solutions but also expands its footprint in the international market. The successful execution of this project could potentially open doors for more opportunities in India and other regions, further solidifying the company's reputation for excellence.
From an investor's perspective, this contract could positively impact Drake & Scull's financial performance, given the project's significant value and long-term operation and maintenance component. However, considering the company's past financial challenges and the competitive nature of the industry, investors should adopt a 'hold' strategy. This approach allows them to monitor the company's progress and financial health as it executes this substantial project.
Source
Summary
Passavant Energy & Environment Ltd., a subsidiary of Drake and Scull International PJSC, has been awarded a contract worth approximately AED 169 million by Maharashtra Industrial Township Limited (MITL) to design, build, and maintain a 70 million liters per day water treatment plant and a 900 mm diameter water pipeline in AURIC Bidkin Industrial Area, Maharashtra, India. The contract includes a 10-year operation and maintenance period and was awarded through a competitive tender process. The project is expected to be completed within 36 months from the issuance of the official Letter of Award. CEO Muin El Saleh expressed pride in securing the project, highlighting the company's expertise in water treatment solutions and infrastructure development.
