Valecha Engineering Ltd Company Summary

Valecha Engineering Ltd Summary

Valecha Engineering Ltd (VEL) which is promoted by Valecha Brothers under a partnership firm, was incorporated in 1977, as a private limited company in the name of Valecha Bros. (E.C.) Pvt. Ltd. The company changed its status from private to public limited under the name of Valecha Bros.(E.C) and further on 23rd December 1993 changed its name to Valecha Engineering Limited. Within a short span of 20-25 years recognition came in the form of qualification of Highest Class of Contractors. The company provides engineering services to its customers. It is also engaged in power generation and real estate business. VEL has commissioned two wind turbines of 220 MW for Bharat Heavy Electric (BHEL). It has also obtained the letter of intent for construction of a second bridge over the Narmada river. VEL has entered into a joint venture with Costain, UK, for the above project. The company has been a consistent performer over the years and made a good beginning in 1998-99 by bagging the projects like the construction of flyover at National Park Junction on Western Expressway in Bombay (Project Cost Rs.17.20 crores) and Four lanning and strengthening of NH1 from Km. 74/200 to 92/200 from Smallkha to Panipat Contract II (Project Cost Rs.16.88 crores).The company came out with an offer for sale on 9th March 1994, of 7,87,500 equity shares of Rs.10/- each at an offer price of Rs.38/- per share aggregating to Rs.299.25 lacs. The main object of this issue was to part finance the execution of existing contracts and an expansion in its operations.The company has been pre-qualified in Joint Venture with MTD Malaysia for Port Connectivity Road Projects totalling to Rs.450 crores. In 2001-02 the company bagged a prestigious SATARA-KOLHAPUR ROAD project amounting to Rs.85.50 crores under MSRDC in JV with M Venkata Rao. The project is expected to be completed as per schedule. The total order position of the company as on March,2003 is Rs.200 crores.