OM Metals secures LOI for project worth Rs. 600 crore, Stock up 4%
OM Metals
Infraprojects Ltd has announced that the Om Metals Consortium, a partnership concern, has secured LOI for an estimated amount of Rs 600 crore slum rehabilitation project in Bandra Reclamation, Mumbai. The Company has 35% equity stake in the consortium.
OM Metals is a fast emerging conglomerate, with business interests in Hydro Mechanical Engineering, Real Estate and Infrastructure projects. The Company is in the process of executing large size real estate projects, and has more than 5 million sq. ft of land under development.
The Company has executed over 50 projects across 18 states of India and in Nepal, Bhutan and Vietnam, for clients like NTPC, NHPC etc. OM Metals has a market capitalization of Rs 900 crore.
The project is expected to commence in the next 3-4 months, and will be completed over 3 years, an official released said.
At 2:05 pm, the stock was quoting at Rs. 97 on BSE, up 4% or Rs. 3 from its previous close of Rs. 93. It touched an intraday high of Rs. 104 and low of Rs. 91.
