SWPE Strengthens RIL Partnership with Contract Extension
South West Pinnacle Exploration Ltd (SWPE) has been granted a contract extension by Reliance Industries Ltd (RIL) for coal bed methane (CBM) production services in Madhya Pradesh.
The renewed contract, which includes GST, is worth around Rs.166.82 crore. The firm indicated that the initiative is anticipated to start generating income from the second quarter of FY27, since the necessary machinery, equipment, skilled personnel, and other resources are already stationed at the location, negating the necessity for further asset mobilization.
SWPE stated it has earlier finished two projects for RIL in the same field and is presently carrying out CBM production services under the current contract. The recent contract extension has pushed the company's order book beyond Rs.760 crore, ensuring revenue visibility for the upcoming two to three years.
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Vikas Jain, Chairman and Managing Director of SWPE, remarked that the contract extension exceeding Rs.166 crore, with an expected duration of 15 months and an additional six-month extension option, represents a major milestone for the company.
He mentioned that winning the contract enhances the company’s growth prospects in the medium and long term, as CBM production helps fulfill India’s energy needs and supports the nation’s goals for energy self-sufficiency. Piyush Jain, Joint Managing Director, stated that the contract extension will allow for a seamless continuation of operations without delays from resource mobilization
SWPE announced it has previously finished two projects for RIL in the same area and is now performing CBM production services under the current agreement. The recent contract extension has pushed the company’s order book beyond Rs.760 crore, ensuring revenue visibility for the upcoming two to three years.
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Commenting on the progress, Vikas Jain, Chairman and Managing Director, SWPE, stated that the contract extension, worth more than Rs.166 crore with a provisional period of 15 months and an additional six-month extension possibility, represents a major success for the company.
He mentioned that the contract victory enhances the company's growth prospects for the medium and long term, while CBM production aids in fulfilling India's energy needs and bolstering the nation's energy independence objectives.
Piyush Jain, Joint Managing Director, stated that the extension of the contract will allow for seamless operations without any delays from resource mobilization. He mentioned that earnings from the project are anticipated to begin in Q2 FY27.
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The organization expressed gratitude to its employees and stakeholders engaged in the project for their efforts in obtaining and fulfilling the contract.