Shares of construction engineering firm SEPC Ltd surged 14.6% on Wednesday, March 12, after the company announced executing an agreement with ROSHN Group Company, based in Riyadh, Kingdom of Saudi Arabia (KSA), for infrastructure projects worth ₹2,200 crore in the Middle East country.

In a stock exchange filing, the company formerly known as Shriram EPC Ltd, said that the agreement is set to pave the way for the company to carry out infrastructure works in Saudi Arabia, particularly in the city of Jeddah.

As part of the agreement, SEPC has submitted a bid for infrastructure works in three designated zones within Jeddah North, Phase 1A. The total value of the project is approximately SAR 893 million, which is roughly equivalent to ₹2,200 crore.

This project will contribute significantly to the region's infrastructure development, as Jeddah continues to grow and modernise, according to the company.

The framework agreement sets the stage for the potential execution of “Call-off Orders”, which are individual work orders for the specific zones outlined in the agreement.