Praveg Ltd shares jumped 10% on Thursday after the company announced receiving work orders from the tourism department of the Union Territory of Lakshadweep for the operation and maintenance of 350 tents in Bangaram and Thinnakara Islands.
The Department of Tourism, Union Territory of Lakshadweep, has awarded two work orders for the development, operation, maintenance and management of tent resorts in Bangaram and Thinnakara Islands, the company said in a filing to the stock exchanges.
Praveg will develop, operate, maintain and manage at least 150 tents at Bangaram Island and 200 tents at Thinnakara.
In addition, the company will also have to take care of other commercial facilities such as scuba diving, destination wedding, corporate functions, private events, health and wellness centre, play area and coffee shops, among others.
The time period for the execution of both the work orders for both the locations has been set as five years, which could be later extended by not more than two years, as per the decision taken by the UT Administration, the company informed the stock exchanges.
“It is with immense pride that we embark on this journey to enhance the beauty and accessibility of Bangaram and Thinnakara Islands through our eco-friendly and luxurious hospitality solutions. We are excited to introduce our guests to an unparalleled experience of sustainable luxury through the Praveg Tent City project,” said Vishnu Patel, the Chairman of Praveg Ltd, in a press release.
Shares of Praveg Ltd closed 9.08% higher at ₹928.9 apiece on BSE.
(Edited by : Ajay Vaishnav)
