Antony Waste Subsidiary Secures ₹1,330 Crore BMC Contracts
Filing Summary
Antony Waste Handling Cell Ltd’s subsidiary, AG Enviro Infra Projects Pvt. Ltd., has been awarded two contracts by the Brihanmumbai Municipal Corporation (BMC) for municipal solid waste collection and transportation in Mumbai. The contracts, valued at approximately ₹1,330 crore, involve a joint venture with M/s. Jigar Transport Company and M/s. M. K. Enterprises. The contracts cover the collection of 1,250 metric tonnes per day over a seven-year period. This development is in compliance with SEBI regulations and does not involve related party transactions.
Antony Waste Handling Cell Ltd has announced that its subsidiary, AG Enviro Infra Projects Pvt. Ltd., has secured two significant contracts from the Brihanmumbai Municipal Corporation (BMC). These contracts pertain to the collection and transportation of municipal solid waste in Mumbai. The total value of the contracts is approximately ₹1,330 crore, and they are set to span a period of seven years. The contracts were awarded to a joint venture comprising AG Enviro Infra Projects Pvt. Ltd. with a 51% stake, M/s. Jigar Transport Company holding 29%, and M/s. M. K. Enterprises with 20%.
The financial terms of the contracts specify a combined value of approximately ₹1,330 crore. The first contract is valued at approximately ₹684 crore, while the second is valued at approximately ₹646 crore. These contracts are expected to provide stable revenue over the seven-year duration. The contracts involve the collection and transportation of municipal solid waste, with the joint venture responsible for managing approximately 1,250 metric tonnes per day.
The operational scope of the contracts includes the collection and transportation of waste from various wards in Mumbai. Specifically, the joint venture will handle approximately 650 metric tonnes per day from A, B, C, and D Wards, and approximately 600 metric tonnes per day from N, S, and T Wards. The waste will be transported to designated landfill sites using newly acquired vehicles. The contracts require the joint venture to maintain service reliability and ensure timely waste transportation.
The timeline for the execution of these contracts is set at seven years. During this period, the joint venture is expected to adhere to the terms and conditions outlined by the BMC, ensuring compliance with all regulatory requirements. The contracts do not fall within related party transactions, and there is no interest from the promoter group in the awarding entity, BMC.
The entities involved in the joint venture are AG Enviro Infra Projects Pvt. Ltd., M/s. Jigar Transport Company, and M/s. M. K. Enterprises. AG Enviro Infra Projects Pvt. Ltd. holds the majority stake in the joint venture, taking the lead in executing the contracts. M/s. Jigar Transport Company and M/s. M. K. Enterprises will support the operations with their respective shares in the joint venture.
The awarding of these contracts by BMC underscores the strategic importance of waste management in urban areas like Mumbai. The contracts align with regulatory compliance as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The contracts are part of BMC’s efforts to enhance municipal waste infrastructure and improve waste management services in the city.
AG Enviro Infra Projects Pvt. Ltd. is a key player in the waste management sector, focusing on the collection and transportation of municipal solid waste. The company collaborates with other entities to execute large-scale projects, leveraging its expertise in waste management operations.
Antony Waste Handling Cell Ltd is a leading company in the Indian municipal solid waste management industry. It provides a comprehensive range of services, including waste collection, transportation, processing, and disposal. The company has a strong track record in managing large-scale waste management projects across India, with a focus on sustainable and technology-driven solutions.