Ashoka Buildcon Ltd on Wednesday said its joint venture with Adani Road Transport and Aakshaya Infra has received a Letter of Acceptance worth Rs 18.16 billion from the Brihanmumbai Municipal Corporation for the Mithi River Development and Pollution Control Project (Package III).

The scope of work includes dry-weather flow interception at tidal outfalls, construction of transfer sewers, river training works, service roads, retaining walls and allied infrastructure. The project will be executed on a Design, Build and Operate basis and also includes a 10-year operations and maintenance component.

Under the joint venture structure, Adani Road Transport holds a 51 per cent stake and is the lead member, while Ashoka Buildcon owns 26 per cent and Aakshaya Infra holds the remaining 23 per cent. The design and construction phase is scheduled to be completed over 48 months, excluding monsoon periods, after which the long-term maintenance phase will begin.

The order strengthens Ashoka Buildcon’s infrastructure pipeline at a time when Mumbai is accelerating urban renewal, flood mitigation and river restoration projects. Ahead of the announcement, shares of Ashoka Buildcon closed 2.09 per cent lower at Rs 163.99 on the NSE.