Garuda Construction Wins ₹1,416 Crore EPC Contract for Mumbai’s 'Powai Heights' Project
Garuda Construction and Engineering Limited (GCEL) has secured a significant ₹1,416 crore EPC contract from Sumer Corporation for the luxury residential project 'Powai Heights' in Mumbai. This contract boosts GCEL's total order book to ₹4,876.78 crore, highlighting the company's robust growth in the construction sector.
Garuda ConstructionEpc ContractPowai HeightsMumbai Real EstateFund RaisingReal Estate MumbaiNov 05, 2025
The project, named 'Powai Heights', is set to be a high-end residential complex located in Chandivali, Taluka Ghatkopar, Mumbai. According to the company's regulatory filing, the scope of work includes the civil construction of three high-end residential towers.
Here are the key details of the EPC contract:
- Contract Value : ₹1,416 crore (inclusive of GST and all applicable taxes)
- Project Location : Chandivali, Taluka Ghatkopar, Mumbai
- Project Duration : 60 months from the receipt of Further CC
- Client : Sumer Corporation
- Nature of Contract : Domestic EPC Agreement
This new contract significantly bolsters Garuda Construction's order book. With the addition of this project, the company's total order book now stands at approximately ₹4,876.78 crore, showcasing a robust pipeline of projects.
Pravin Kumar Brijendra Kumar Agarwal, Managing Director and Chairman of Garuda Construction and Engineering Limited, signed the regulatory filing, underlining the importance of this contract to the company's growth strategy.
This large-scale project highlights the ongoing development in Mumbai's real estate sector and underscores the trust placed in Garuda Construction's capabilities for executing high-value, luxury residential projects. The contract's size and nature suggest a positive outlook for both the construction sector and the high-end real estate market in Mumbai.
As the project unfolds over the next five years, it will be interesting to observe its impact on Garuda Construction's financial performance and market position in the competitive EPC landscape.
Garuda Construction and Engineering Limited has also announced a board meeting on November 7, 2025, to discuss increasing authorized share capital, exploring fund-raising options, and calling an Extraordinary General Meeting (EGM). The fund-raising methods under consideration include equity shares, convertible securities, public and rights issues, ADRs/GDRs/FCCBs, debt issues, preferential allotment, private placement, and Qualified Institutional Placement. These initiatives aim to strengthen the company's financial position and support future growth strategies. The proposals require board approval and subsequent shareholder approval at the planned EGM.
The company is considering a diverse array of fund-raising options, which may include:
- Equity Shares : Direct issuance of new shares
- Convertible Securities : Securities that can be converted into equity shares
- Public Issues : Offering shares to the general public
- Rights Issues : Offering additional shares to existing shareholders
- ADRs/GDRs/FCCBs : International offerings such as American Depositary Receipts, Global Depositary Receipts, or Foreign Currency Convertible Bonds
- Debt Issues : Issuance of debt instruments
- Preferential Allotment : Issuing shares to a select group of investors
- Private Placement : Selling shares directly to private investors
- Qualified Institutional Placement (QIP) : Issuing securities to Qualified Institutional Buyers
The company has stated that these fund-raising activities may be conducted in one or more tranches, providing flexibility in their capital raising strategy.
This announcement further solidifies Garuda Construction's position in the construction and real estate sectors, demonstrating its commitment to delivering high-quality projects and maintaining financial stability for future growth.
Frequently Asked Questions
What is the value of the EPC contract secured by Garuda Construction?
The EPC contract secured by Garuda Construction is valued at ₹1,416 crore, inclusive of GST and all applicable taxes.
Where is the 'Powai Heights' project located?
The 'Powai Heights' project is located in Chandivali, Taluka Ghatkopar, Mumbai.
What is the duration of the 'Powai Heights' project?
The project duration for 'Powai Heights' is 60 months from the receipt of Further CC.
What are the fund-raising methods being considered by Garuda Construction?
Garuda Construction is considering various fund-raising methods, including equity shares, convertible securities, public and rights issues, ADRs/GDRs/FCCBs, debt issues, preferential allotment, private placement, and Qualified Institutional Placement (QIP).
What is the current total order book of Garuda Construction?
With the addition of the 'Powai Heights' project, Garuda Construction's total order book now stands at approximately ₹4,876.78 crore.
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