Ashoka Buildcon Secures Rs.447 Crore BMC Project Expansion
Filing Summary
Ashoka Buildcon Limited has received a letter from the Brihanmumbai Municipal Corporation (BMC) awarding an additional scope of work for the existing project involving the construction of Flyover Arm-1 and Arm-2 at T Junction on Sion Panvel Highway, Maharashtra Nagar. The additional work is valued at Rs.447 Crore, including taxes. The revised completion date for the project is January 13, 2028. The aggregate cost of the project now stands at Rs.1,574 Crore, inclusive of taxes. The trading window for designated persons will remain closed until 48 hours after this disclosure.
Ashoka Buildcon Limited has announced the receipt of a letter from the Brihanmumbai Municipal Corporation (BMC) awarding an additional scope of work for its ongoing project. The project involves the construction of Flyover Arm-1 and Arm-2 at T Junction on Sion Panvel Highway, Maharashtra Nagar in the M/E Ward. The additional scope of work is valued at Rs.447 Crore, inclusive of taxes.
The revised completion date for the project, including the additional scope, is set for January 13, 2028. The aggregate cost of the project has increased to Rs.1,574 Crore, including taxes. This update follows a previous disclosure made on October 15, 2024, and is in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The terms of the contract specify a percentage rate, and the project is categorized as a domestic order. There is no involvement of related party transactions, and the promoter or promoter group does not have any interest in the entity awarding the contract.
The trading window for designated persons of Ashoka Buildcon and their immediate relatives will remain closed until 48 hours after the disclosure of this information. This measure is in compliance with the company’s internal code of conduct to prevent insider trading.
Brihanmumbai Municipal Corporation (BMC) is responsible for civic infrastructure and administration in Mumbai. It frequently collaborates with construction firms for urban development projects, focusing on enhancing transportation infrastructure and public amenities.
Ashoka Buildcon Limited is engaged in the construction and infrastructure development sector. The company focuses on executing large-scale projects, including highways, bridges, and power transmission lines. It prioritizes expanding its project portfolio and enhancing its operational capabilities in the infrastructure domain.