Vascon Engineers secures ₹660.79 crore Qualcomm Bengaluru office contract

Vascon Engineers has received a Letter of Intent to develop Bengaluru office facilities with three basements, G+12 floors, and associated infrastructure

Mumbai: Vascon Engineers Limited has secured a major construction order worth Rs 660.79 crore, including taxes, from Qualcomm India Private Limited for developing a large office facility in Bengaluru.The company disclosed the order to the stock exchanges on September 25, saying the project involves the development of Block K, comprising three basements, a ground floor and 12 additional floors, along with associated infrastructure. Rs 660.79 Crore ProjectAccording to the regulatory filing, the Rs 660.79 crore contract has been awarded by Qualcomm India Private Limited, the Indian arm of the multinational technology company.The project has been classified as a domestic contract and will be executed under a Design and Build, GMP Contract model. The order adds a sizeable project to Vascon Engineers' construction portfolio and provides the company with revenue visibility over the execution period.Completion Within 30 MonthsVascon Engineers said the entire project must be completed within 30 months from the date of site handover. The timeline will begin once the site is formally handed over to the company for construction. NMMC Awards ₹260 Cr Contract To Vascon Engineers For 100-Bed Super Specialty Hospital In CBD-BelapurThe scope includes construction of three basement levels and the Ground + 12-floor office building, besides associated infrastructure required for the Bengaluru facility.No Related-Party LinkThe company also clarified that its promoter, promoter group or group companies have no interest in Qualcomm India, the entity awarding the contract. Environmental Groups Warn Of Irreversible Damage To Kharghar Hills Amid Rapid Development ThreatsVascon Engineers further said the transaction does not fall under related-party transactions, according to the disclosure made under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations. The latest contract strengthens Vascon Engineers' order portfolio in the commercial construction segment, with Bengaluru remaining one of India's key technology and office markets.Disclaimer: This article is based on Vascon Engineers’ exchange filing. Investors should independently verify information before making any investment decisions.