Afcons Infra issues corrigendum on DRDO contract of ₹1,085 Crore

9 Jan 2025 , 10:20 AM

On Wednesday (January 8), Shapoorji Pallonji group firm Afcons Infrastructure Ltd filed a corrigendum to its prior communication dated January 3, 2025, claiming the acquisition of a ₹1,084.54 Crore contract from the Defence Research and Development Organisation (DRDO).

Afcons Infrastructure stated in a regulatory filing that it received a Letter of Intent from the Government of India, Ministry of Defence, Defence Research and Development Organisation (DRDO) on January 3, 2025, in accordance with Regulation 30 of the SEBI (LODR) Regulation, 2015.

The project incorporates infrastructure development on an Engineering, Procurement, and Construction (EPC) basis and is expected to be completed within 36 months. The Ministry of Defence, part of the Indian government, granted the contract.

Afcons Infrastructure has secured orders of ₹19,000 Crore till September 2024 and expects additional inflows of roughly ₹5,000 Crore for the rest of the year, above its earlier guidance of ₹20,000 Crore.

In Maharashtra, over the last year or so, they have done the bidding of ₹60,000-70,000 Crore, and we have bagged close to ₹8,000-10,000 Crore, where we have already received the contract, or we are the lowest bidder (L1). According to Jha, several of the projects did not have open bidding.

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