On Wednesday, March 12, construction engineering company SEPC Limited's shares saw a huge surge. By 2 pm, the company's shares rose by more than 18%. This rise came when the company announced that it has signed an agreement with Saudi Arabia's Riyadh-based ROSHN Group Company for an infrastructure project worth Rs 2,200 crore.

In an official information given to the stock market, SEPC, formerly known as Shriram EPC Limited. This agreement will enable the company to work on infrastructure development in Saudi Arabia, especially in the city of Jeddah.

What was the agreement
Under this agreement, SEPC has been awarded tenders for infrastructure works in three designated zones within Phase 1A of Jeddah North. The total estimated cost of this project is 893 million Saudi Riyals (SAR), which is equivalent to about ₹ 2,200 crores in Indian currency. According to the company, this project will play an important role in the development of Jeddah's infrastructure, as the city is rapidly moving towards development and modernization. Under the framework agreement, "call-off orders" will be issued, which will work for each designated zone. In the initial phase, three zones have been covered, but SEPC hopes to get an opportunity to work in at least one zone. Provided the framework agreement is successfully signed. These "call-off orders" will help SEPC to undertake infrastructure development in a systematic manner, enabling the company to operate effectively in each zone. Through this partnership, SEPC has taken a strategic initiative to strengthen its foothold in the Middle East market, especially Saudi Arabia. Saudi Arabia is currently making huge investments in infrastructure development under its 'Vision 2030' initiative.