Afcons Infrastructure Limited has announced receiving a Letter of Intent (LoI) from the Defence Research and Development Organisation (DRDO) for a large-scale project in Visakhapatnam. The contract, valued at ₹1,084.54 crore (including GST), involves the augmentation of MTC, creation of SAF, and installation of workshop equipment for a ship lift facility (AMCSWF).
The awarded contract follows the Design and Build (D&B) model and encompasses:
Afcons Infrastructure has committed to completing the project within 36 months.
The contract, awarded by a domestic entity—the Ministry of Defence through DRDO—emphasises Afcons’ expertise in infrastructure development for strategic and defence purposes. Notably, the promoters of Afcons Infrastructure have no related party interest in this transaction.
Following the announcement, Afcons Infrastructure’s share price rose by 1.90%, reaching an intraday high of ₹570 as of 2:26 PM on January 3, 2024.
Afcons Infrastructure Limited, a part of the Shapoorji Pallonji Group, is a leading Indian construction and engineering company. It operates in diverse segments such as marine works (including the construction of jetties and dry docks), offshore oil and gas, bridges and flyovers, road construction, hydro and tunnelling, pipe laying and general civil engineering works.
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