Sharika Enterprises signs Consultancy Service Agreement with LS Cable -; Systems, South Korea; Stock climbs 10%

22 Jul 2022 , 11:20 AM

Sharika Enterprises Limited has signed a Consultancy Service Agreement with LS Cable & System, South Korea for promoting and offering New Cable technologies and solutions – HVDC Cable to Indian Customers.LS Cable & System Ltd. Korea, one of the leading global manufacturer of Cable & accessories up to 500KV Voltage grade.

As a part of this agreement, LSCNS has secured “HVDC underground Cable for establishment of +320KV, 1X1000 MW VSC based HVDC Scheme in Mumbai” of Adani Electricity Mumbai Infra Limited (AEMIL).

The company will provide support in various stages of project deliverables that includes Marketing & Promotion, Project management & coordination, HVDC Power system solution, Subcontract works.

It further added, “For major bulk Power Evacuation & Transmission projects in India, the scope of this agreement will move further to more similar business opportunities in near time as it is not only limited to this project.

Depending upon the progress of such projects in India, this agreement is expected to generate consultancy revenue to the time of Rs3-4 crore per annum over a period of next 3-5 years.

At around 11:22 AM, Sharika Enterprises was trading at Rs11.51 per share higher by 9.93% on the BSE.