Vascon Engineers Limited has secured a Letter of Intent (LoI) valued at ₹85.43 crore (including GST) from Yucca Promoters LLP for the construction of a commercial building in Kalyani Nagar, Pune. The project encompasses excavation, backfilling, and the construction of the building on a lump sum basis. The work is scheduled for completion within three years from the acceptance of the LoI.
Notably, the promoter of Yucca Promoters LLP holds a 50% profit share in the entity, classifying this transaction as a related party transaction. However, the company has confirmed that the contract has been awarded on an arm’s-length basis, adhering to regulatory standards.
This project underscores Vascon Engineers’ continued growth in the commercial infrastructure sector and its capability to undertake significant construction projects.
