South West Pinnacle Exploration Limited (SWPE) has announced the receipt of two Letters of Award (LOA) from M/s Central Mine Planning and Design Institute Ltd. (CMPDI), a subsidiary of Coal India Ltd. The contracts are for the Detailed Exploration of Coal in Madhya Pradesh and Maharashtra. The aggregate value of both LOAs, including GST, is approximately ₹30.45 Crores. The project in Madhya Pradesh is a long-term endeavor, while the project in Maharashtra is short-term. SWPE expects these awards to significantly strengthen its order book and contribute positively to its top and bottom lines. CMPDI, the awarding entity, is a Mini Ratna Public Sector Company. Key terms include CMPDI arranging all statutory clearances in forest areas and providing the exploration scheme, approving borehole locations, and verifying completed works. The execution periods are 910 days for the Madhya Pradesh project and 210 days for the Maharashtra project, each including a 30-day mobilization period. Neither the promoter nor group companies have an interest in CMPDI, and the contracts are not considered related party transactions.
