Ashoka Buildcon emerges lowest bidder for ₹1,280 crore MMRDA project; check details

In a filing to the stock exchanges on Monday, August 5, the company said that it has emerged as the lowest bidder (L1 bidder) for two projects from the MMRDA. The projects involve designing and constructing creek bridges in Thane.

The first project involves construction of creek bridges from Kolshet to Kalher in Thane. The project, valued at ₹289.60 crore, is expected to be completed in 42 months, the company informed the bourses.

The second project pertains to the design and construction of a creek bridge from Gaimukh to Payegaon in Thane.

The Gaimukh to Payegaon Creek bridge project, worth ₹991.2 crore, is expected to be completed in 36 months.

Both contracts have been awarded on an engineering, procurement, and construction (EPC) basis.

In June, the company also emerged as the lowest bidder for two projects worth ₹2,152.72 crore from the Maharashtra State Road Development Corporation.

The first project pertained to construction of a major bridge across Jaigad Creek, situated between Tawsal and Jaigad on the Revas-Reddi Coastal Highway in Ratnagiri district of Maharashtra. This project will be carried out under the engineering, procurement, and construction (EPC) mode. The project value was ₹794.85 crore. The company said that the work will be completed within 36 months.

The second project pertained to building a bridge over Kundalika Creek, located between Revdanda and Salav on the same Revas-Reddi Coastal Highway. This project will also be completed in an EPC mode. The project is worth ₹1,357.87 crore. It is expected to be completed within 36 calendar months.

Ashoka Buildcon shares tanked as much as 6.13% on Monday amid the mayhem in the broader market. However, the stock recovered some of early losses and closed 5.11% lower at ₹239.7 apiece on the NSE.