Regulatory27 May 2026, 06:42 pm
Patel Engineering JV Blacklisted by Nepal Authority
AI Summary
Patel Engineering Ltd's joint venture, RAMAN PATEL J.V., has been blacklisted by the Public Procurement Monitoring Office, Government of Nepal, effective from May 27, 2026, to May 26, 2029. The JV, with Patel Engineering holding 35% and Raman Construction Private Limited as the lead partner (65%), faced disputes leading to contract termination. Patel Engineering claims no material impact on its financials or operations as project execution was Raman's responsibility. Disputes are pending adjudication.
Key Highlights
- Patel Engineering JV blacklisted by Nepal's Public Procurement Monitoring Office.
- Blacklisting effective from May 27, 2026, to May 26, 2029.
- Disputes with employer led to contract termination and blacklisting.
- Patel Engineering holds 35% stake in the JV; Raman Construction is the lead partner.
- Company claims no material impact on financials or operations.
Price Impact
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