A first-generation entrepreneur Prahaladbhai Shivramabhai Patel born in a farmer’s family, imbibed the importance of discipline, integrity and commitment in life from his Sainik School (Army School), Balachadi, Jamnagar (a residential school).
He went on to complete his Bachelor’s Degree in Civil Engineering from Saurashtra University. After his post-graduation in 1985, this young man from Gujarat joined a private organiation as an engineer. His hard work and determination resulted in his gradual growth in the company and later to become a partner with a 40% stakeholder in the same company. In 2006, he started operation as a sole proprietor with mere Rs 2 lakh, and later in the year 2008, founded PSP Projects Limited singlehandedly.
Today, PSP Projects Ltd is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India. “We provide services across the construction value chain, ranging from planning and design to construction and post-construction activities, including MEP work and other interior work to private and public sector enterprises pan India,” says Prahaladbhai Shivramabhai Patel, Promoter, Chairman, Managing Director & CEO of PSP Projects Limited.
With more than experience of 35 years in the field of construction, Patel has a team of more than 1,400 employees and more than 14,000 contractual labour. PSP has achieved a turnover of Rs 1,499.26 crores in the financial year 2019-20. Even after the pandemic had the worst impact on the construction industry, PSP did remarkable turnover of Rs 1299 crore in FY2020-21.
Buoyed by the response of its customers over the years, the company that, till 2016, was focusing on the Gujarat market, started its operations outside Gujarat with a project in Karnataka. Currently, the company has a presence in six states in India.
Following the growth in its intake of projects and expansion, the management led by visionary Prahaladbhai Shivramabhai Patel, the company operations are run through the state of the art ERP systems like SAP, company have invested more than Rs150 crore in adopting technologies.
The company believes that a few important milestones have propelled its image and confidence to greater heights. PSP received a shot in the arm following its listing in NSE and BSE within just nine years of establishment. This incident gave great visibility to the company from a Gujarat-based player to an Indian company, from just a contracting firm to an organised construction company that stands with India’s top class construction companies.
In 2011, the company got the opportunity to construct “Swarnim Sankul 1 & 2”, the Gujarat Chief Minister’s office. The company completed that project in exactly 12 months, including civil, all MEP services and interior fit-out works. This project gave the company a big boost in the market as a prominent construction company.
Post having immense competition among all top class industry leaders, PSP projects was awarded Rs 1,575 Cr project to construct Surat Diamond Bourse in September 2017. The SDB is spread over an area of 35 acres, it has a height of 72.90 metres. The project contains nine towers connected with a central spine tower and a diamond club. All of them having two basements + ground floor + 15 floors. The total built-up area of the project is 66 lakh sqft, making this office building the biggest office building in the world on a single basement. Despite the obstacles like COVID and demonetisation during the execution stage, 95% of the project execution is already completed within the agreed timeline with a scheduled completion by end of 2021.
PSP is also involved in the Kashi-Vishwanath project in Varanasi. A challenging project, Kashi Vishwanath Corridor is the dream project of PM Narendra Modi, who laid the foundation of the project in March last year. The project is likely to be completed by 2021. It aims to ensure a direct view of Kashi Vishwanath Temple from Varanasi’s ghats and add several facilities for the devotees by expansion and beautification of the temple.
Company has also been involved in the projects such as IIM, GIFT City (Smart City) high rise buildings, Sabarmati Riverfront Development, Gujarat Chief Minister’s office & renovation of Vidhansabha too.
As a part of backward integration and to cope up with the labour shortage issues in future, PSP is setting up a state-of-the-art concrete precast plant to add more strength to its construction portfolio which will manufacture all building elements such as columns, beams, walls and slabs. The plant will have annual capacity of 3 million Sq.Ft.
The brilliant growth and success of PSP and its founder have been recognised and recorded. Patel has been felicitated with the “Most Respected Entrepreneur Award” in Construction by HURUN Report India. He also received “The Dena Bank Hercules Award” by Gujarat Innovation Society for Innovation Quality in India’s Construction and Infrastructure Sector. He has been felicitated with Patidar Udhyog Ratna by Sardardham during the Global Patidar Business Summit 2020.