Afcon Infra emerges as lowest bidder for project worth ₹1,000 Crore

5 Nov 2024 , 09:55 AM

Afcons Infrastructure Ltd, part of the Shapoorji Pallonji Group, won a project worth ₹1,006.74 Crore with the lowest bid (L-1).

The contract includes a three-year construction deadline, Afcons Infra said in an exchange filing.

Afcons was declared the lowest bidder for the Bhopal Metro Phase 1 project’s construction Package BH-05, specifically for the 12.915 km Blue Line (Line-2), which will connect Bhadbhada Chauraha and Ratnagiri Tiraha via 13 elevated stations.

Afcons’ bid was declared the lowest at  ₹1,006.74 Crore.

The Madhya Pradesh Metro Rail Corporation Ltd (MPMRCL) has released a package that comprises the building of the complete Blue Line viaduct, 13 stops, and a ramp leading to the Subhash Nagar Depot, which will be shared with the Orange Line (Karond Circle – AIIMS) for maintenance and stabling.

MPMRCL had invited proposals for the Blue Line’s construction, which was funded by the European Investment Bank (EIB) with a €400 million loan.

Shapoorji Pallonji Group’s stock debuted on the stock exchanges at an 8% discount to its IPO price of ₹463.

However, the company regained some losses and was trading up to 3% higher this afternoon.

The Mumbai-based company’s initial public offering was offered to the public from October 25 to October 29. The company raised approximately ₹5,430 Crore via its public offering.

The selling shareholder will receive the money from the OFS, but Afcons will not receive any. Goswami Infratech, a promoter group firm, is selling shares through the OFS.

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