Vascon signs 5-year MoU with Adani Infra as execution partner for selected projects

Pune-based Vascon Engineers Limited (Vascon) on Friday, September 26, announced that it has entered into a memorandum of understanding (MoU) with Adani Infra (India) Limited to collaborate as their execution partner under an early engagement model for five years.

Under this agreement, Vascon will be associated with Adani Infra on selected earmarked projects from the design stage, ensuring seamless integration of design and execution. Currently, three projects totalling approximately 13.15 million square feet in Mumbai have been identified under this model.

Vascon aims to engage with the Adani Group on projects contributing an additional 30% to its annual turnover. The collaboration is intended as a long-term strategic partnership, with scope and performance to be reviewed annually.

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In March this year, Vascon Engineers announced the launch of Vascon Orchids, a luxury residential project in Santacruz (West), marking the company's entry into the Mumbai market.

The project is via a redevelopment initiative on Linking Road in Santacruz (West), Mumbai. It has a total expected gross development value (GDV) of ₹300 crore for its sale units.

"Vascon Orchids is set to be a landmark project, not only marking our strong entry into Mumbai but also contributing meaningfully to its ever-evolving skyline," Managing Director Siddharth Vasudevan Moorthy said.

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The project will comprise three wings, featuring 2 and 3BHK homes, offering 62 sale units. Residents will also have access to rooftop and ground-level amenities, including Bocce Ball, Cornhole, a fully-equipped gymnasium, and more, the company said in an exchange filing.

Shares of Vascon Engineers Ltd ended at ₹57.89, down by ₹3.30 or 5.39%, on the BSE today, September 26.

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