Kwar HE Project is a run-of-river scheme with a concrete gravity dam. The project is being executed by Chenab Valley Power Projects, a joint venture of NHPC (a Govt of India Enterprise) & JKSPDC (a Govt of J&K Enterprise) (the Authority) to harness the vast hydro potential of river Chenab.

The letter of acceptance for the contract is issued by JKSPDC and the works are scheduled to be completed in a period of 48 months as per the contract terms, the company said in a statement.

Patel Engineering said it already has three ongoing projects in the nearby vicinity in the J&K state with similar geological terrains which is an added advantage for execution of this new project.

Patel Engineering has a strong presence in tunnels and underground works for hydroelectric and dam projects. The company has a consistent track record in execution of projects in domestic and international arena. PEL have completed over 85 dams, 40 hydroelectric projects and more than 300 km of tunnelling for clients which are mostly central PSUs or state government organizations.

The company reported a consolidated net profit of Rs 27.48 crore in Q3 December 2021 as against a net loss of Rs 36.45 crore in Q3 December 2020. Net sales rose 61.37% YoY to Rs 877.93 crore in Q3 FY22.

The stock's current market capitalisation stands at Rs 1,056.70 crore.