Afcons Infra issues corrigendum on DRDO contract of Rs 10 Bn

09 Jan 2025 CW Team

Shapoorji Pallonji group firm Afcons Infrastructure Ltd filed a corrigendum to its prior communication dated January 3, 2025, claiming the acquisition of a Rs 10 billion contract from the Defence Research and Development Organisation (DRDO).

Afcons Infrastructure stated in a regulatory filing that it received a Letter of Intent from the Government of India, Ministry of Defence, Defence Research and Development Organisation (DRDO) on January 3, 2025, in accordance with Regulation 30 of the SEBI (LODR) Regulation, 2015.

The project incorporates infrastructure development on an Engineering, Procurement, and Construction (EPC) basis and is expected to be completed within 36 months. The Ministry of Defence, part of the Indian government, granted the contract.

Afcons Infrastructure has secured orders of Rs 190 billion till September 2024 and expects additional inflows of roughly Rs 50 billion for the rest of the year, above its earlier guidance of Rs 200 billion.

In Maharashtra, over the last year or so, they have done the bidding of Rs 600- 700 billion, and we have bagged close to Rs 80-10 billion, where we have already received the contract, or we are the lowest bidder (L1). According to Jha, several of the projects did not have open bidding.

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