Infrastructure firm Hindustan Construction Company -led joint venture has bagged a contract worth Rs 1,398.50 crore from Andhra Pradesh Government for irrigation project.

The order, part of the J Chokka Rao Devadula Lift Irrigation Scheme, has been awarded by the Irrigation & Command Area Development (ICAD) department of the Government of Andhra Pradesh.

HCC has a share of 45% or Rs 629.33 crore in the total value of the contract.

The company’s joint venture partners in the project are Megha Engineering and Infrastructures Ltd and CKD Blansko Engineering of the Czech Republic.

The contract involves design and laying of the pipelines to carry 49.60 cumecs of water from the intake pump house to Bheemghanpur tank, besides the execution of civil, electro-mechanical, hydro-mechanical, instrumentation at the pumping station, including communication system.

The project is scheduled for completion in 36 months.

Emkay Global Financial Services Ltd has recommended buy rating on HCC, with price target of Rs 125, in its report dated 28th July, 2008.