Ashoka Buildcon wins ₹600 crore Angola electricity distribution project

Ashoka Buildcon Ltd. on Friday, April 24, said it has received a Letter of Contract Acceptance from the Ministry of Energy and Water, Republic of Angola, for an electricity infrastructure project.The contract, valued at $72.36 million (approximately ₹600 crore), pertains to the ‘Electricity Sector Improvement and Access Project’ and involves the design, supply, installation and commissioning of rehabilitation works for distribution networks in Luanda City.

The project will be executed over a period of 24 months, the company said in an exchange filing.
Also read: Stock Crash: Asset manager falls 10%, the most since its listing, after Q4 net lossAshoka Buildcon clarified that the order has been awarded by an international entity and does not involve any related party transactions or promoter interest.

In January this year, the construction engineering company received a contract worth ₹307.71 crore (excluding GST) from the Public Works Department, Work Division-I, Daman, for the construction of a signature bridge.

The project involves connecting Jampore Sea Front road near the Light House to Devka Sea Front road at Parkota Sheri in Daman.

Shares of the company rose from the day’s lows following the announcement and were trading at ₹133.85, still 1.49% below Thursday’s closing price. The stock has gained more than 21% in the last month, while delivering a negative 32.4% return over the last 12 months.