The order entails construction of two terminal buildings along with ropeway tower foundations and other site development work at Panaji and Reis Magos, Goa.
The company needs to complete the work, which has been awarded on a “design and build basis,” within 36 months from the date of the letter of intent, it added.
The firm stated none of the promoters or promoter group of Vascon Engineers has any interest in Royal Rides. The filing also added that the order does not fall under related party transactions.
Vascon Engineers is a Pune-based player engaged in engineering, procurement, and construction (EPC), real estate construction, and development.
The company’s consolidated net profit soared 307.2% to Rs 75.57 crore in Q3 FY25, compared with Rs 18.56 crore posted in Q3 FY24. Revenue from operations jumped 42.7% year on year to Rs 294.79 in Q3 FY25.