Shriram EPC Unit Bags Rs 1,530 Crore Order in Oman, Shares Rally

Shares of Chennai-based Shriram EPC Ltd. rose as much as 22 percent to Rs 26.45 after the company’s subsidiary in Sharjah, Shriram EPC FZE, received a Rs 1,530 crore contract in Oman.

The project involves construction of balance of plant for a 1.2 million tons per annum mini mill project for Moon Iron and Steel Company, Shriram EPC said in a press release. The contract is for a 32-month period. The debt for the project is being provided by a consortium of Omani banks, the company added.

The order will enable the company to expand its footprint in the Middle East, and diversify from the Indian market that is seeing a slowdown, T Shivaraman, managing director and chief executive officer of Shriram EPC said in a press release.