Ashoka Buildcon bags $38.1 million EPC contract in Maldives

NEW DELHI: Construction firm Ashoka Buildcon has bagged a contract worth $38.11 million (around Rs 247 crore) from Maldives-based company Housing Development Corporation.

"Our 50:50 consortium with Mohan Mutha Exports Pvt Ltd. has been awarded the EPC contract for development of road network for Hulhumale, Phase 2, Stage 1 Project by Housing Development Corporation (HDC), Republic of Maldives, to be completed within 18 months," Ashoka Buildcon said.

The estimated cost of the project as per HDC is $38.11 million, it added.

In a regulatory filing, Ashoka Buildcon also informed that the consortium has signed the contract agreement with Housing Development Corporation, Maldives.

Ashoka Buildcon shares were trading up 1.75 per cent at Rs 165.40 in afternoon trade on BSE.