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Construction engineering company Ashoka Buildcon Ltd on Saturday (December 6) said it has secured an additional work order worth ₹447.21 crore, including taxes, from the Brihanmumbai Municipal Corporation (BMC) for its ongoing flyover construction project on the Sion Panvel Highway.
The additional scope pertains to the construction of flyover Arm-1 and Arm-2 at the T Junction at Maharashtra Nagar in the M/E Ward. The contract has been awarded by a domestic entity, the Brihanmumbai Municipal Corporation, on a percentage rate basis.
Also Read: Ashoka Buildcon shares decline 6% after temporary NHAI bids suspension after NH-66 incident
With this order, the aggregate cost of the project has increased to ₹1,573.79 crore, inclusive of taxes. The company also confirmed that the promoter or promoter group has no interest in the awarding entity and that the contract does not fall under related-party transactions.
The company notified the stock exchanges, stating that the latest award expands the scope of the existing project disclosed earlier on October 15, 2024. Ashoka Buildcon stated that the revised timeline for completing both the existing work and the newly added scope has been extended to January 13, 2028.
On Friday, shares of Ashoka Buildcon Ltd ended at ₹160.75, down by ₹3.15, or 1.92%, on the BSE.
Also Read: Ashoka Buildcon’s Q2 results: Net profit collapses 83%, revenue declines 25.6%
The additional scope pertains to the construction of flyover Arm-1 and Arm-2 at the T Junction at Maharashtra Nagar in the M/E Ward. The contract has been awarded by a domestic entity, the Brihanmumbai Municipal Corporation, on a percentage rate basis.
Also Read: Ashoka Buildcon shares decline 6% after temporary NHAI bids suspension after NH-66 incident
With this order, the aggregate cost of the project has increased to ₹1,573.79 crore, inclusive of taxes. The company also confirmed that the promoter or promoter group has no interest in the awarding entity and that the contract does not fall under related-party transactions.
The company notified the stock exchanges, stating that the latest award expands the scope of the existing project disclosed earlier on October 15, 2024. Ashoka Buildcon stated that the revised timeline for completing both the existing work and the newly added scope has been extended to January 13, 2028.
On Friday, shares of Ashoka Buildcon Ltd ended at ₹160.75, down by ₹3.15, or 1.92%, on the BSE.
Also Read: Ashoka Buildcon’s Q2 results: Net profit collapses 83%, revenue declines 25.6%
