The share price of Power Mech Projects had surged by 20%. The company revealed that they had secured a mine development contract valued at Rs 304.38 billion from Steel Authority of India (SAIL).

Power Mech Projects had been granted the mine development and operation (MOO) project situated in Jharia Coal Fields, Ohanbad in Jharkhand. The concession period for the mine, which includes two years for development, will span 28 years.

The awarded project encompasses substantial coal extraction reserves of 96.78 MT, with an annual capacity of 4 MTPA. Additionally, over 535.29 MBCM of overburden removal is expected during the project period.

A consortium comprising Power Mech Projects (PMPL) and PC Patel Infra has been entrusted with the project. PMPL leads the consortium and holds a 74% equity stake, while PC Patel Infra holds the remaining 26% stake. To undertake the project, a special purpose vehicle (SPV) will also be established.

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