The Pimpri-Chinchwad Municipal Corp. sent a letter of intent to Vascon Engineers Ltd. for the construction of a hospital building.

The company stated in an exchange filing that it was granted the letter of intent based on an item rate basis.

The development of a general hospital building for PCMC Hospital in Moshi, Pimpri-Chinchwad, Pune, is part of the Municipal Secretary's Department initiative.

The project is worth approximately Rs 365.8 crore, though the amount excludes GST.

Vascon Engineers will have to complete the project within 36 months of the date of acceptance.

The company had earlier this month signed its second redevelopment project in Mumbai, with a total construction area of approximately 2,11,000 square feet.