Ashoka Buildcon Wins Rs 1,391-Crore Project From NHAI For Highway Development In West Bengal

Infrastructure major Ashoka Buildcon Ltd. has won a Rs 1,391-crore project from the National Highway Authority of India, according to an exchange filing on Monday. The project involves the development of highway in the eastern state of West Bengal.

The company has "received letter of award" for the project, which is to be executed in hybrid annuity mode, the filing said. The accepted bid cost for the project is "Rs 1,391 crore, excluding GST", it added.

The project involves the development of a four-lane economic corridor from Bowaichandi to Guskara-Katwa road section of National Highway-116A, it added.

The project is to be executed in a time frame of 910 days, including monsoon, the filing further noted.

The order win for Ashoka Buildcon comes over a month after it secured two orders, cumulatively worth Rs 2,310 crore, in Maharashtra.

The first order was issued by the Brihanmumbai Municipal Corporation, the civic body of Mumbai, for the construction of "Flyover Arm 1 and Arm 2 at the T Junction on the Sion Panvel Highway". The project is worth Rs 918 crore, excluding GST.

This was followed by an order issued by the City & Industrial Development Corporation of Maharashtra Ltd.—the town planning authority of Navi Mumbai—for the construction of various major and minor structures, including flyovers, minor bridges, and allied electrical works such as street lighting under the NAINA project. The accepted bid price for this contract was Rs 1,673.24 crore, plus applicable GST.

Shares of Ashoka Buildcon closed 0.76% higher at Rs 233.06 apiece on the National Stock Exchange, compared to a 1.32% climb in the benchmark Nifty 50. The stock has risen by 67.3% on a year-to-date basis and by 70.9% over the past 12 months.