The award pertains to claims arising from the construction of Tunnel T74-R balance work on the Dharam-Qazigund section of the Udhampur-Srinagar-Baramulla Rail Link Project. Afcons notified exchanges of the tribunal decision and clarified that the sum awarded relates to contractual claims recognised by the panel. The firm also noted that any stay or appeal by the counterparty could delay realisation of the sum and that legal timelines will determine the next steps.
This month Afcons secured a major marine contract from Vadhvan Port Project Ltd to construct a 10.14-kilometre-long breakwater through a Letter of Award valued at Rs 5,301 crore, equal to Rs 53,010 million (mn) or Rs 53.01 billion (bn), excluding GST. The company said the structure will become the second-longest breakwater in the world on completion and will form a central element of the Vadhvan Port development. The order underlines the firm’s focus on complex marine infrastructure.
Shares of Afcons Infrastructure ended at Rs 312.20, down by Rs four point six zero, or one point four five per cent, on the BSE. Company leadership characterised the Vadhvan project as a strategic enabler for India’s ambition to grow as a global maritime hub and described the breakwater as a landmark marine infrastructure project that highlights domestic execution capabilities. Vadhvan Port is planned to have a handling capacity of 23.2 million TEUs.