Afcons Infra shares rally 10% after ₹5,301-cr Vadhvan Port project win

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S Paramasivan, Managing Director, Afcons Infrastructure and Krishnamurthy Subramanian, Executive Chairman, Afcons Infrastructure

File picture: S Paramasivan, Managing Director, Afcons Infrastructure and Krishnamurthy Subramanian, Executive Chairman, Afcons Infrastructure | Photo Credit: BIJOY GHOSH

Shares of Afcons Infrastructure rallied close to 10 per cent on Wednesday after the company secured a major marine infrastructure contract worth ₹5,301 crore for the Vadhvan Port project in Maharashtra.

The stock traded at ₹334.70 on the NSE at 10:12 am, after hitting an intraday high of ₹346.50, compared with the previous close of ₹315.50.

In an exchange filing on Tuesday, Afcons Infrastructure said it had received a Letter of Award from Vadhvan Port Project Ltd (VPPL) for the construction of a 10.14-km-long breakwater at the upcoming Vadhvan Port in Maharashtra.

The company said the project, valued at ₹5,301 crore, will become the world’s second-longest breakwater upon completion.

“This award is a testament to Afcons’ proven expertise in delivering complex and large-scale marine infrastructure projects. The Vadhvan breakwater project will be a strategic enabler for India’s ambition to become a global maritime hub,” said Krishnamurthy Subramanian, Executive Chairman, Afcons Infrastructure.

S Paramasivan, Managing Director, Afcons Infrastructure, said the project marked a significant milestone for the company and reflected India’s growing capabilities in executing large-scale infrastructure projects.

“It is a moment of immense pride for us to secure one of the world’s landmark marine projects. This project showcases India’s growing expertise in executing complex infrastructure on a global scale,” he said.

Afcons Infrastructure has executed several marine infrastructure projects in India and overseas. Internationally, the company has completed projects such as the Bulk Jetty at Port of Sohar in Oman, the New Owendo International Port in Gabon and Sulphur Jetty project in Kuwait.