Nitin Fire Protection Bags Key IIM Mumbai Safety Contract 🔥

Good news for Nitin Fire Protection Industries Ltd. (NITINFIRE)! The company has announced a significant new order, reinforcing its position in the fire safety sector.

Nitin Fire Protection has successfully bagged a contract from the prestigious Indian Institute of Management (IIM) Mumbai. This new order is for the supply and installation of a comprehensive Fire Fighting System and an Addressable Fire Alarm System. It’s always great to see companies secure projects with well-known institutions, as it speaks volumes about their reliability and expertise. 🤝

The total value of this contract stands at Rs. 25,96,000/-, inclusive of all taxes. This is a domestic order, meaning the work will be carried out within India. The company is expected to complete the project within four months from the order date of July 16, 2025.

For those curious about the nitty-gritty, the contract comes with standard terms you’d expect in such projects: a 50% Performance Bank Guarantee (PBG) of the contract value, a 2.5% retention on running account (RA) and final bill, and a 12-month Defect Liability Period (DLP). There’s also a provision for Liquidated Damages (LD) capped at 10% of the contract value, ensuring timely and quality delivery.

Importantly, the company has clarified that this order is not a related party transaction, and neither the promoters nor the promoter group have any interest in the entity that awarded the contract. This transparency is always a positive sign for investors and stakeholders. ✅

This new win highlights Nitin Fire Protection’s continued efforts in securing vital infrastructure projects, contributing to safety and security across various sectors. Keep an eye out for more updates from NITINFIRE as they continue their work! 🏗️

source: Corporate Announcement

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