Ashoka Buildcon Secures New Orders Worth ₹2,242 Cr in Saudi Arabia, Bihar, Liberia
Ashoka Buildcon secured new orders worth ₹846.4 crore in Saudi Arabia and ₹241.9 crore in Bihar. The company also received a ₹1,136 crore LOI for modernization of offices in Maharashtra and a $45 million road project in Liberia. The sale of 6 HAM SPVs is extended to June 30, 2026. Credit ratings were reaffirmed.
The new orders and LOIs are substantial in value and spread across different regions, significantly contributing to the company's order book and future revenue streams. The extension of SPV sale date and credit rating updates also have material implications.
The company has secured multiple new orders and LOIs from various entities across different geographies, indicating business growth and expansion. The reaffirmation of credit ratings also signals financial stability.
Ashoka Buildcon Limited has announced the receipt of multiple Letters of Acceptance (LOA) and Letters of Intent (LOI) for significant projects. The company's wholly-owned subsidiary in Saudi Arabia, in joint venture, received an LOA from Diriyah Company for main construction works of Diriyah II – Delivery Partner for One Hotel, valued at SAR 717 million (approximately ₹846.4 crore). The project is expected to be completed in 27 months.
In India, a joint venture of Ashoka Buildcon secured an LOA from Bihar Rajya Pul Nirman Nigam for the construction of an H.L.R.C.C. Bridge and other major bridges in Muzaffarpur, Bihar, on an EPC mode. The accepted bid price for this project is ₹474.4 crore, with Ashoka Buildcon's share being ₹241.9 crore, and it is to be executed in 30 months.
The company also received an LOA from the Ministry of Public Works, Liberia, for the upgrading of a road project for a consideration of $45 million, to be completed in 24 months.
Furthermore, Ashoka Buildcon, along with Railtel Corporation of India Limited, received a Letter of Intent (LOI) for the modernization of offices under the Inspector General of Registration and Controller of Stamps (IGR) in Maharashtra. The expected financial consideration for this project is approximately ₹1,136 crore, with a completion period of 60 months.
Additionally, the company announced the extension of the indicative date for the sale of the remaining 6 HAM SPVs up to June 30, 2026. Ashoka Buildcon also received a Letter of Contract Acceptance for the rehabilitation of distribution networks in Angola for USD 72 million, to be completed in 24 months.
The company announced the receipt of Commercial Operation Date (COD) for its Four Laning of Tumkur Shivamogga Section HAM project in Karnataka. There were also allotments of equity shares under rights issues for its wholly-owned subsidiaries, Viva Infrastructure Ltd., Ashoka Infrastructure Ltd., and Ashoka Baswantpur Singnodi Road Pvt. Ltd., amounting to ₹4 crore, ₹6.65 crore, and ₹14.52 crore respectively.
Acuite has updated the credit rating for both long-term and short-term debt of the company as ‘ACUITE AA (Stable) (Reaffirmed) – Removed from Rating Watch’ and ‘ACUITE A1+ (Reaffirmed) Removed from Rating Watch’ respectively.
What to do with a filing like this
Ashoka Buildcon Limited filed this with the NSE as a statutory disclosure, categorised under new orders. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Ashoka Buildcon Limited. Read the original for the full detail.