Welspun Enterprises' JV with Kaveri Infraprojects bags water supply project.

Welspun Enterprises in joint venture with Hyderabad-based Kaveri Infraprojects is empanelled by the UP State Water and Sanitation Mission, Namami Gange and Rural Water Supply Department (SWSM) for execution of EPC projects.

The joint venture is empanelled for the project of survey, design, preparation of Detailed Project Report (DPR), construction, commissioning and operation and maintenance for 10 years of water supply in 2544 villages in Varanasi, Ayodhya and Meerut.

The estimated aggregate contract value of the above Projects is Rs. 2,500 crore. The final value will be determined on completion of preparation of DPR. Preparation of DPR and construction of the project is to be progressively completed in 21 to 28 months and thereafter operated and maintained by the company for 10 years.

Welspun Enterprises is the lead partner in the joint venture with a share of 74%.

Shares of Welspun Enterprises fell 0.80% to Rs. 123.95 on BSE. The stock was trading above its 50-day moving average (DMA) placed at 89.63 and its 200-day moving average (DMA) placed at 75.67.

The stock's RSI (relative strength index) stood at 78.011. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

Welspun Enterprises part of the Welspun Group, is an operating Company in the infrastructure business.

BS