Afcons Infrastructure Ltd has emerged as the lowest bidder of road construction projects worth close to Rs 4,800 crore in Pune, the company said in an exchange filing on January 13.
Following the announcement, the shares of Shapoorji Pallonji Group's flagship infrastructure engineering and construction firm recovered from some of the losses to trade at Rs 482 per share on the NSE, down 3.37 percent on the NSE. Earlier in the day, the counter declined 6.66 percent to an intraday low of Rs 465.55.
The projects include construction of the Access Controlled Pune Ring Road (East) Packages PRR E5 and E7, for which the tender was issued by the Maharashtra State Road Development Corporation Ltd. (MSRDC), the company said in an exchange filing on January 13.
The projects have been distributed under two packages- package PRR E5 worth Rs 2,718.50 crore and Package PRR E7 worth Rs 2,068.70 crore, according to the statement.
Both packages are to be built under engineering, procurement and construction (EPC) mode and have a deadline of 36 months, the filing said.
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