Salasar Techno Engineering, an Indian company specializing in large and heavy steel structures and engineering, procurement and construction (EPC) solutions, has secured a significant EPC contract valued at $9.40 million for the installation of a 110-kilovolt transmission line in Rwanda. The contract, awarded by Energy Development Corporation, is part of the Rwanda Transmission System Reinforcement and Last Mile Connectivity project. Salasar Techno Engineering will be responsible for the end-to-end EPC solution, including the design, supply, and installation of the transmission lines connecting the regions of Rwinkwavu-Kirehe, GabiroNyagatare, and Rulindo-Gicumbi in Africa. The project is expected to be completed within eighteen months.
Following this announcement, Salasar Techno Engineering's stock surged approximately 5 percent, reaching $0.65, before closing at $0.64, representing a 3 percent increase for the day. The company, with a market capitalization of over $202 million, has seen remarkable growth, with its stock surging nearly 100 percent from its fifty-second-week lows in November 2022. Salasar Techno Engineering's expertise spans various industries, including telecommunications, power, railways, and more, with an installed capacity of 115,000 million tonnes per annum and a global presence serving over six hundred clients in twenty-five countries.