Ashoka Buildcon bags $35.4 million highway project in Guyana

Ashoka Buildcon Ltd. has received a Letter of Acceptance (LoA) from the Central Housing and Planning Authority of Guyana for the construction of a four-lane highway project worth GYD 7.46 billion (about $35.42 million), the company said in an exchange filing on Friday, June 26.

The project involves the construction of a four-lane highway from Versailles, West Bank Demerara to Parika, East Bank Essequibo (Region No. 3) – Lot 8. The contract, awarded by an overseas entity, will be executed over a period of 20 months, the company said.

The contract will be executed on an item-rate basis. Ashoka Buildcon said neither its promoters nor group companies have any interest in the awarding authority, and the project does not qualify as a related-party transaction.

Shares of the company closed at ₹131.03 apiece on Thursday, June 25, down 2.51% for the day.

This marks Ashoka Buildcon’s second order win in less than two weeks.

On June 13, the company received a Letter of Acceptance from the Chhattisgarh State Industrial Development Corporation Ltd (CSIDC) for the development of a Gems & Jewellery Park in Raipur under the public-private partnership (PPP) model.

That project involves a premium payment of ₹112.40 crore, with a lease period of 30 years, extendable up to 90 years.