Contracts worth Rs 7.19 lakh crore awarded in Q1-Q3/FY25

By Team Projects Today

Preliminary data available up to 31 December 2024 indicates that a total of 6,449 contracts, worth Rs 7,19,664.34 crore, were awarded in the first three quarters of FY 2024-25 (Q1-Q3/FY25). These contracts, covering both domestic and international projects, were secured by 4,054 companies operating across various sectors. During the same period, Indian companies bagged 58 overseas contracts for executing job work abroad.

While certain sectors posted a notable increase in the value of contracts finalised in Q1-Q3 of FY25 compared to the same period in FY24, the overall value of project contracts recorded a decline of 7.98 percent in the current fiscal year. In terms of the number of projects, the decline was 5.4 percent.

To put this into perspective, as against the 6,449 projects worth Rs 7,19,664.34 crore finalised during the first three quarters of FY25, a total of 6,818 projects worth Rs 7,82,104.97 crore were finalised in the corresponding period of FY24.

The 173 mega project contracts, each valued at Rs 1,000 crore or more, collectively accounted for Rs 4,34,556.37 crore, representing 60.38 percent of the total contract value finalised during the first three quarters of FY25. Among the sectors, Roadways, Coal-Based Power, Power Distribution, and Irrigation contributed approximately 40.8 percent of the total contract value.

By Sectors

During Q1-Q3/FY25, the Infrastructure sector continued its dominance by accounting for 62.58 percent of the total contracts awarded. A total of 5,335 contracts with a combined value of Rs 4,50,337.60 crore were finalised in this sector during the period. Of these, 123 contracts were classified as mega-value contracts, totalling Rs 2,39,241.86 crore, which accounted for 53.12 percent of the total value of contracts in the Infrastructure sector.

Within the Infrastructure domain, sub-sectors such as Roadways, Power Distribution, Railways, Water & Sewerage Pipeline & Distribution, Real Estate, Other Shipping Infrastructure, and Other Community Services witnessed significant activity, with substantial contract values being finalised.

The Roadways sector was particularly active in Q1-Q3/FY25, with 1,574 contracts worth Rs 1,95,777.64 crore being awarded. This accounted for a significant 27.20 percent of the total contracts awarded during the period. Among the notable awarding bodies, the Maharashtra State Road Development Corporation (MSRDC) stood out as a key player, awarding 47 road-building contracts worth a cumulative ₹83,106.03 crore.

Some of the major contracts awarded by the MSRDC include:

1. Afcons Infrastructure: Awarded a Rs 2,849 crore contract for the construction of the Nagpur-Gondia Access Controlled Super Communication Expressway in Maharashtra on an EPC basis (Package NG-02).

2. Navayuga Engineering Co.: Secured a Rs 2,763 crore contract for the construction of an access-controlled multi-modal corridor spanning 8.40 km from Navghar to Balavali,across Vasai taluka, Palghar district, to Paye in Bhiwandi taluka, Thane district, in Maharashtra, on EPC basis.

3. Megha Engineering & Infrastructures: Awarded a Rs 2,756.86 crore contract for the construction of the access-controlled Pune Ring Road in Pune district, covering Packages PRR E3A and PRR E3B, linking Chimbali to Solu, and Solu to Lonikand, in Khed and Haveli talukas on EPC basis.

4. NCC: Secured a major contract valued at Rs 2,744 crore for the construction of the Nagpur-Gondia Access Controlled Super Communication Expressway in Maharashtra on EPC basis (Package NG-03). It will cover a total length of 31.226 km from Manora to Sonegaon, with Tiroda connector Paldongari to Kachewani Tq. Tiroda District in Gondia.

Another Maharashtra Government agency, the Maharashtra State Infrastructure Development Corporation (MSIDC) awarded 92 contracts, totalling Rs 17,994.3 crore. Among the notable contracts awarded by MSIDC were:

1. Shreeji Infraspace: Secured a contract worth Rs 789.57 crore for the improvement of Lasalgaon-Vinchur Road (S.H. No. 7), passing through Yevla, Sinnar, Akole, Igatpuri Taluka, from km 189.400 to km 199.000 (four-lane), and a 14.1 km stretch from Vinchur to Dongargaon, Bramhangaon, Khedlezhuge, and Godavari River in the Yevla and Sinnar constituencies of Maharashtra.

2. Eagle Infra India: Awarded a Rs 409.19 crore contract for the improvement of Khiroda-Chinawal-Balwadi-Bodwad-Jamthi-Fattepur-Tondapur-Wakod Road (SH-46) from km 50.00 to 109.550 (Section: Bodwad to Wakod) in Jamner taluka, Jalgaon district, on EPC mode (EPC NSK-II (27B)) in Maharashtra.

3. Dineshchandra R. Agrawal Infracon: Secured a Rs 393.4 crore contract for the improvement of Gadchiroli-Sakhera-Karwafa-Pendhari to State Border Road (SH-375) in Gadchiroli district, spanning from km 35.500 to km 114.325, on EPC mode in Maharashtra.

The second-best performer in the Infrastructure sector was the Power Distribution sector, which saw the awarding of 380 contracts worth Rs 80,492.73 crore. While several state power distribution agencies finalised a significant number of contracts for power distribution and the installation of smart meters, the Power Grid Corporation of India (PGCIL) emerged as the key player. PGCIL awarded 49 major contracts worth Rs 9,964.04 crore. Some of its notable contracts included:

1. KEC International: Awarded a Rs 1,704 crore contract for the design, supply, and installation of 765 kV transmission lines and gas insulated switchgear (GIS).

2. Bajel Projects: Secured a Rs 586.28 crore contract for the supply of goods and services for transmission line package TL01 for the 765 kV D/c Beawar-Mandsaur PS Transmission Line (Part I), associated with the transmission system for evacuation of power from Rajasthan REZ Phase IV (Part-2: 5.5GW) (Jaisalmer/Barmer Complex) through tariff-based competitive bidding (TBCB).

3. GE Vernova T&D India: Awarded a Rs 490 crore contract for the implementation of the Unified Load Dispatch and Communication (ULDC) Phase-III SCADA/EMS Upgradation Project for Northern Regional SLDCs and RLDC.

In the Railways sector, an encouraging trend was observed with the finalisation of 224 new contracts worth Rs 36,497.71 crore. Some of the notable contracts include:

1. Gawar Construction secured a significant contract from the Mumbai Metropolitan Region Development Authority (MMRDA) valued at Rs 2,037.2 crore. The scope of the contract includes part design and construction of an elevated viaduct and 19 elevated stations for Line 12 of the Mumbai Metro Rail Project.

2. Dilip Buildcon won a Rs 1,341 crore contract from the Konkan Railway Corporation for the construction of twin-tube unidirectional tunnels in the Kozhikode and Wayanad districts of Kerala. The project, executed on an EPC basis, also includes a four-lane approach road to provide direct connectivity between Anakkampoyil, Kalladi, and Meppadi (Package-II).

3. Larsen & Toubro (L&T) bagged a Rs 1,242.79 crore contract from the Uttar Pradesh Metro Rail Corporation. The contract involves the design and construction of an elevated viaduct for the Agra Metro, covering the mainline from Agra Cantt. Metro Station to Kalindi Vihar Metro Station in Uttar Pradesh.

4. Ircon International, in a joint venture with Dineshchandra R. Agrawal Infracon, secured a Rs 1,198 crore contract from East Coast Railway for the Kottavalasa-Koraput Doubling Project.

The Water & Sewerage Pipeline & Distribution sector witnessed awarding of 553 project contracts, collectively valued at Rs 31,169.13 crore. Some of the major contracts in this sector include:

1. Welspun Enterprises secured a significant contract worth Rs 1,989.9 crore from the Municipal Corporation of Greater Mumbai (MCGM). The project involves the design and construction of a tunnel connecting Dharavi WWTF (Wastewater Treatment Facility) to Ghatkopar WWTF.

2. Megha Engineering & Infrastructures achieved a milestone by winning a Rs 1,960.1 crore contract from Vidarbha Irrigation Development Corporation. The scope of work includes the construction of an automated pressurized pipe distribution network system, pump house, civil works, and allied works for LIS (Lift Irrigation Schemes) No. 1, 9, 10, 11, and 12, covering a cultivable command area of 32,613 hectares as part of the Jigaon Project.

3. Afcons Infrastructure bagged a Rs 1,899.36 crore contract from MCGM for the construction of a water conveyance tunnel from Kasheli Bhiwandi to Mulund Octroi Naka.

Reflecting the accelerated pace of project execution in the Real Estate sector, the number of project contracts witnessed an increase during the first three quarters of FY25. A total of 1,022 contracts, amounting to Rs 30,976.63 crore, were finalised. A standout contract in this sector, valued at Rs 15,000 crore, was awarded to NBCC (India) by the Srinagar Development Authority. The project entails the development of a satellite township spanning 406 acres at Rakh-e-Gund Akshah, Bemina, Srinagar.

The Other Community Services sector too experienced an upswing with the conclusion of 898 new contracts, collectively valued at Rs 23,582.07 crore. Among these, Hindustan Steelworks Construction secured a mega contract worth Rs 1,000 crore from Gondwana University, Gadchiroli. The scope of the contract includes providing project management consultancy services for the campus development of Gondwana University in Gadchiroli, Maharashtra.

The Hospitals sector witnessed awarding of 166 new contracts, amounting to a combined value of Rs 14,663.94 crore. NCC secured a major contract worth Rs 2,462 crore from the Municipal Corporation of Greater Mumbai (MCGM). The project involves the redevelopment of LTMG Hospital, including the construction of hospital buildings in Phase 2. The scope covers all civil works, MEP (Mechanical, Electrical, and Plumbing) services, hospital services, horticulture, and site development on an EPC basis at Plot No. 6, Pt FN Ward, Sion (East).

Another major contract, in this sector, was secured by HSCC (India) worth Rs 1,261 crore from Government of India, Ministry of Health & Family. The project entails the establishment of AIIMS in Darbhanga, Bihar.

The Water, Sewage & Effluent Treatment sector witnessed conclusion of 64 new project contracts, collectively valued at Rs 8,514.09 crore. A standout contract in this sector was secured by Kalpataru Projects International, valued at Rs 1,546 crore, from the Punjab Municipal Infrastructure Development Company. The project involves the design, build, and operation (DBO) of a 580 MLD water treatment plant (WTP), along with an associated transmission network and overhead service reservoirs (OHSRs) in Ludhiana, Punjab.

The Other Shipping Infrastructure sector witnessed awarding of 24 project contracts, collectively valued at Rs 6,837.72 crore. Among these, Mazagon Dock Shipbuilders secured a significant contract worth Rs 1,990 crore from the Government of India, Ministry of Defence. The project involves the construction of an Air Independent Propulsion (AIP) plug for the DRDO AIP system and its integration into conventional submarines to enhance their endurance.

The Airways (Aviation Infrastructure) sector saw awarding of 32 new contracts worth Rs 4,671.3 crore. Among these, Ashoka Buildcon secured a notable contract worth Rs 1,055 crore from Bangalore International Airport. The project involves the construction of elevated western crossfield taxiways at Kempegowda International Airport, including taxiway systems, pavements, drainage works, and ancillary buildings.

In the Commercial Complexes sector 109 project contracts collectively valued at Rs 4,079.54 crore were finalised. Among these, ITD Cementation India secured a major contract worth Rs 1,937 crore from Ingka Centres India. The project involves the construction of a multistoried commercial building in Uttar Pradesh.

In the Berths and Jetties sector 16 contracts worth Rs 2,882.81 crore were awarded. A notable contract in this sector was awarded to Dredging Corporation of India by the Syama Prasad Mookerjee Port Trust, worth Rs 2,015.88 crore. The project entails five years of maintenance dredging in the Hooghly Estuary, focusing on the shipping channel leading to Haldia Dock.

Electricity

Reflecting the increased pace of new project announcements in the Hydel and Solar-Wind power sectors, the number of project contracts finalised for execution rose sharply in the Electricity sector during Q1-Q3 of FY25. After the Infrastructure sector, the Electricity sector recorded the second-highest number of project contracts finalised. It accounted for 17.60 percent of the total contract value awarded in the first three quarters of FY25. In total, 307 contracts worth Rs 1,26,685.51 crore were awarded, of which 15 were mega contracts with a cumulative value of Rs 1,02,845.88 crore.

In the Coal based Power sector, the finalisation of 78 new contracts, amounting to Rs 91,355.91 crore, marked a significant development. Notable contracts in this sector include:

1. Larsen & Toubro (L&T) secured a major contract valued at Rs 16,343.72 crore from NTPC. The contract covers the main plant package for the Nabinagar STPP (Stage II) with a capacity of 3x800 MW.

2. Bharat Heavy Electricals (BHEL) was awarded a Rs 16,032.2 crore contract from NTPC for the main plant package for the Telangana STPP (Stage II), also with a capacity of 3x800 MW.

3. Bharat Heavy Electricals (BHEL) secured another significant contract worth Rs 13,300 crore from the Damodar Valley Corporation for the 2x800 MW Koderma Thermal Power Station Phase-II project in Koderma district, Jharkhand.

In the Solar-based Power sector, 166 new contracts totalling Rs 18,996.42 crore were finalised. Zetwerk Manufacturing Businesses secured a 1,515 MWp order from NTPC, valued at Rs 2,500 crore. The contract involves the production and supply of ALMM-compliant solar photovoltaic modules, including mandatory spares for the 1,200 MW Khavda Solar Project in Gujarat.

Nuclear Based Power sector, were new project announcements had declined in the recent years, saw finalisation of three contracts worth Rs 12,843.58 crore. Megha Engineering & Infrastructures secured a major contract worth Rs 12,799.92 crore from the Nuclear Power Corporation of India for the Nuclear Island Mega EPC Package (NIMEP) for the Kaiga-5 and Kaiga-6 projects.

Manufacturing

During Q1-Q3 of FY25, the Manufacturing sector witnessed the awarding of 408 project contracts with a total value of Rs 53,855.47 crore, accounting for 7.48 percent of the total contracts awarded across various sectors during the same period. This included 10 mega projects valued at Rs 32,151.07 crore.

Reflecting the emphasis on indigenous development of defence equipment, the Aircraft sector saw the execution of eight project contracts worth Rs 15,687.72 crore. Among these, Hindustan Aeronautics Limited (HAL) secured a significant contract from the Ministry of Defence, Government of India, valued at Rs 13,500 crore. This contract pertains to the procurement of 12 Su-30 MKI aircraft along with associated equipment.

In recent years, capital expenditure on Metro Rail projects and the expansion of Vande Bharat trains has gained momentum. Reflecting this trend, the Railway Wagon & Equipment sector finalised 38 new contracts totalling Rs 9,883.31 crore. Among these, BEML secured a major contract from Chennai Metro Rail valued at Rs 3,658 crore. This contract includes the design, manufacture, supply, testing, and commissioning of standard gauge metro rolling stock (electrical multiple units), depot machinery and plant, training of personnel, and a comprehensive maintenance contract spanning fifteen years.

Irrigation

In the Irrigation sector, a total of 316 contracts, valued at Rs 53,725.06 crore, were awarded during Q1-Q3/FY25. Among the noteworthy contracts:

1. Megha Engineering & Infrastructures secured a significant contract worth Rs 5,205.44 crore from the Eastern Rajasthan Canal Project Corporation. The project scope includes the construction of a pump house with intake at Mez Anycut, rising main, delivery cistern, tunnel, and feeder drain up to the submergence of Galwa Dam. Additionally, it involves the headwork at Galwa, feeder up to Isarda submergence, modification of the Galwa River, construction of a pump house at the bank of the Galwa River, rising main up to the delivery cistern for the feeder to Bisalpur Submergence, and its O&M for 10 years on a Hybrid Annuity Model in Bundi and Tonk districts of Rajasthan (NGBI Link Package 3).

2. HES Infra achieved a major milestone by securing a Rs 3,700.89 crore contract from the Water Resources Department, Madhya Pradesh. The contract involves the construction of the Sitapur Hanumana Irrigation Project, including the Beerbal barrage and a pressurized pipe irrigation network (hose system), to be executed on a turnkey basis in Madhya Pradesh.

3. NCC bagged a Rs 3,389.49 crore contract from the Ken-Betwa Link Project Authority for the planning, design, engineering, and hydro-mechanical works of Daudhan Dam under the Ken-Betwa Link Project, to be executed on an EPC basis.

Mining

The Mining sector, which had recorded 102 contracts worth Rs 1,20,601.04 crore during the first three quarters of FY24, experienced a decline in momentum during the same period in FY25. A total of 83 contracts were awarded in the Mining sector, amounting to Rs 35,060.70 crore.

In the Coal sector, 51 project contracts were awarded, primarily for development and mine operation tasks. These contracts collectively held a combined value of Rs 25,734.38 crore. Notable contracts include:

1. TMC Mineral Resources secured a significant contract valued at Rs 7,040.8 crore from South Eastern Coalfields. The contract involves the setting up of paste fill/backfill/other suitable technologies with mass production and continuous cutting technologies, as proposed by the bidder, in the Singhali UG Mines of the Korba area on a BOO (Build-Own-Operate) basis.

2. Nilkanth Infra Mining bagged a Rs 4,360.4 crore contract from South Eastern Coalfields for composite work, including overburden removal, rehandling coal cutting by surface miner, and loading and transportation of coal at Amad OCP in the Jamuna Kotma Area.

3. Kalinga Commercial secured a contract from Mahanadi Coalfields, valued at Rs 3,463.09 crore. The project involves handling, transport, and overburden removal work at the Integrated Lakhanpur Belpahar Lilari Project in the Lakhanpur Area of MCL.

In the Petroleum, Oil, and Gas sector, a total of 28 project contracts were awarded, with an aggregate value of Rs 8,329.32 crore. A significant contract was secured by Mazagon Dock Shipbuilders from Oil & Natural Gas Corporation (ONGC), valued at Rs 4,676.32 crore. The contract pertains to the wellhead platforms and associated pipeline project (DSF-II) on an Engineering, Procurement, and Construction (EPC) reimbursable basis (OBE).

Top States

Maharashtra, the leading state in projects investment, topped the table for project contracts finalised during Q1-Q3 of FY25. The state saw finalisation 1,911 project contracts, collectively valued at Rs 2,20,668.66 crore. Madhya Pradesh secured the second position with 320 contracts worth Rs 47,751.01 crore, followed by Rajasthan in third place with a cumulative contract value of Rs 44,430.88 crore. Jharkhand claimed the fourth position, securing contracts valued at Rs 32,016.62 crore, while Uttar Pradesh rounded out the top five with 416 work orders worth Rs 29,118.7 crore.

Awarder & Awardees

The Maharashtra State Road Development Corporation (MSRDC) led the pack as the top contract awarder, issuing 47 contracts with a total value of Rs 83,106.03 crore. NTPC secured the second position with 69 contracts worth Rs 56,338.15 crore, while MCGM finalised 51 contracts amounting to Rs 24,429.29 crore. Among the 4,054 awardees who clinched a total of 6,449 project contracts, NBCC (India), a construction giant, stood out by securing 62 contracts, followed by KEC International with 50 contracts.

Overseas Contracts

Indian companies secured 58 overseas contracts across various sectors, including Power Distribution, Water, Sewage & Effluent Treatment, Railways, Railway Wagon & Equipment, Articles of Iron & Steel, and more, in countries such as Saudi Arabia, United Arab Emirates, and Oman. Some major contracts include:

1. Va Tech Wabag achieved a significant milestone by securing a notable overseas contract valued at Rs 2,700 crore from Saudi Water Authority. The contract is for the engineering, procurement, construction, and commissioning (EPCC) of a 300 million litres per day (MLD) Mega Sea Water Reverse Osmosis (SWRO) Desalination Plant in Yanbu, Kingdom of Saudi Arabia (KSA).

2. KEC International bagged a notable contract worth Rs 1,423 crore for the design, supply, and installation of 380 kV transmission lines in Saudi Arabia.

3. L&T secured a significant contract for the construction of a 220 kV substation and three 132 kV substations in the United Arab Emirates.