In a stock exchange filing, the company formerly known as Shriram EPC Ltd, said that the agreement is set to pave the way for the company to carry out infrastructure works in Saudi Arabia, particularly in the city of Jeddah.
As part of the agreement, SEPC has submitted a bid for infrastructure works in three designated zones within Jeddah North, Phase 1A. The total value of the project is approximately SAR 893 million, which is roughly equivalent to ₹2,200 crore.
This project will contribute significantly to the region’s infrastructure development, as Jeddah continues to grow and modernise, according to the company.
The framework agreement sets the stage for the potential execution of “Call-off Orders”, which are individual work orders for the specific zones outlined in the agreement.
While the initial scope covers three zones, it is expected that SEPC will be awarded work in at least one of these zones based on the successful signing of the Framework Agreement.
These Call-off Orders will ensure that SEPC can begin infrastructure development in phases, enabling them to efficiently manage and complete the works across the three zones.
This collaboration marks a strategic move by SEPC to strengthen its presence in the Middle East market, particularly in Saudi Arabia, a country witnessing robust infrastructure growth driven by its Vision 2030 initiative.
The agreement with ROSHN Group opens up further opportunities for SEPC to contribute to the ongoing transformation of Saudi Arabia’s urban landscape.
Shares of SEPC rallied as much as 14.65% to hit an intraday high of ₹14.71 apiece on the BSE in morning deals. However, the stock pared some of its early gains to trade 11.38% higher at ₹14.29 apiece on the BSE at 10:42 am.
