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HomeMarket NewsAfcons Infrastructure shares jumps 8% after bagging ₹5,301 crore Vadhvan Port project
Afcons said it has previously executed several marine infrastructure projects in India and overseas, including the Bulk Jetty at Sohar Port in Oman, the New Owendo Port in Gabon, and the Sulphur Jetty project in Kuwait.
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Shares of Afcons Infrastructure surged over 8% on Wednesday, June 10, after the company secured a ₹5,301 crore project from Vadhvan Port Project Ltd. (VPPL) to construct a 10.14-kilometre-long breakwater at the upcoming Vadhvan Port in Maharashtra.
The company received a Letter of Award for the project valued at ₹5,301 crore, excluding GST, during post-market hours on Tuesday.
In an exchange filing, Afcons said the structure will become the second-longest breakwater in the world upon completion and forms a key part of the Vadhvan Port development project.
Commenting on the order win, Executive Chairman Krishnamurthy Subramanian said the project reflects Afcons' expertise in executing complex marine infrastructure projects, adding, "The Vadhvan breakwater project
will be a strategic enabler for India’s ambition to become a global maritime hub."
Managing Director S Paramasivan described the project as one of the world's "landmark marine" infrastructure developments and said it highlights India's growing capabilities in delivering large-scale infrastructure projects.
Vadhvan Port is being developed as India's largest public port and is expected to be among the world's largest container ports, with a planned handling capacity of 23.2 million TEUs.
Afcons said it has previously executed several marine infrastructure projects in India and overseas, including the Bulk Jetty at Sohar Port in Oman, the New Owendo Port in Gabon, and the Sulphur Jetty project in Kuwait.
The infrastructure company added that it is currently ranked as the eighth-largest marine and port facilities contractor globally by Engineering News-Record (ENR).
Afcons Infrastructure is the flagship engineering and construction company of the Shapoorji Pallonji Group and operates across 31 countries spanning South Asia, Africa, West Asia and the CIS region.
Shares of Afcons Infra are now trading with gains of 9% on Wednesday at ₹344.55. The stock is still down 12% for the year and is also trading well below its IPO price of ₹463 apiece.
