South West Pinnacle Exploration Limited wins 2 Contracts from Central Mine Planning & Design Institute
Coal Exploration projects cumulatively worth Rs. 17.72 cr.
Mumbai, 03rd March 2023: South West Pinnacle Exploration Limited (SWPEL), an Integrated Service Provider providing end-to-end Drilling & exploration of Natural resources announced that it has won 2 new contracts from Central Mine Planning & Design Institute Ltd (CMPDI).
The details of the projects are as follows:
1. Project for 3D Seismic & Resistivity Imaging survey for coal exploration, worth Rs. 11.29 cr. The Company has initiated planning to commence operations in this project, and expects to complete the same by first half of FY2023-24.
2. Project for exploration of coal, worth ~Rs. 6.43 cr. Operations have begun in this project and expect to be completed tentatively by first half of FY2023-24. Both the projects are in the state of Jharkhand.
These new contracts strengthen SWPE’s order book, taking it to ~ Rs. 311.9 cr.
On another note, the Company has also recently won a coal block in Jharkhand from the Government, wherein it will start mining for coal by FY2025.
Commenting on this development, Mr. Vikas Jain, Chairman & Managing Director said,
“I am happy to announce two new contracts with Central Mine Planning & Design Institute (CMPDI). The projects cover 3D seismic & resistivity imaging survey and coal exploration in the state of Jharkhand.
These contracts are cumulatively worth Rs. 17.72 cr and we expect to complete them tentatively by first half of FY2023-24. This further strengthens our order book and builds momentum for our own coal mining endeavors in the state which are scheduled to begin by FY2025.
On this occasion, I would like to thank the entire SWPE team for their relentless hard work, as well as our stakeholders, whose support helps us drive the Company forward.”
