Afcons Infrastructure Ltd, a flagship of Shapoorji Pallonji Group, has emerged as the lowest bidder for two big-ticket road construction projects in Pune, estimated to be worth Rs 4,800 crore. An exchange filing on January 13, to this effect, boosted market sentiment.
The stock had rebounded partly from the early losses and traded 3.37% off at Rs 482 apiece on NSE following the news. Earlier, the stock fell up to 6.66% to Rs 465.55 in intraday deal.
Works include the construction of the Access Controlled Pune Ring Road (East) and are being divided into two packages. The estimated value for Package PRR E5 stands at Rs 2,718.50 crore, while for Package PRR E7, it is Rs 2,068.70 crore. Both these packages are to be executed under the Engineering, Procurement, and Construction (EPC) mode, with a completion timeline of 36 months.
Bidding for all these works was done through the Maharashtra State Road Development Corporation Ltd. – MSRDC. “A win of this nature of large value contracts is sure to further consolidate and strengthen Afcons Infras project portfolio and their leading role that the company already plays in shaping Maharashtra’s infrastructure.
This successful bid underlines Afcons Infras expertise in infrastructure engineering and construction. As per analysts, adding these projects might help the company improve its long-term prospects.
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Source: Moneycontrol
News Desk
