Asian Energy JV receives LOA for Hura CHP worth Rs. 128 Crores from Eastern Coalfields Limited

Asian Energy Services Limited ("AESL") along with its JV partner has secured a materials handling project worth 128 Crores including GST from Coal India subsidiary Eastern Coalfields Ltd for building and operating a coal handling plant for Hura C OCP. The scope includes comprehensive planning, design, installation and commissioning of coal handling plant (3Mtpa) followed by operation and maintenance for five years. With this contract, AESL strengthens its foothold in the materials handling infrastructure vertical which the company ventured in 2020.

Asian has also commenced work and is making steady progress in a coal handling facility expansion project for HEC Ltd in Gevra, Asia's largest Open Cast Mine. This order affirms Asian's resolve towards continued efforts to diversify its customer base and furthersecure new projects. These contracts open up opportunities in other sectors apart from coal, which Asian will target in the coming future including minerals and ores. This is synergistic with the company's strategy of expanding its presence in new industries, through existing capabilities and service offerings.

Ashutosh Kumar, CEO & Whole-time Director said "It gives us immense pleasure to inform our shareholders about this long-awaited project Hura, the team's first effort in this vertical which has borne fruit today. The start to 2022 has been very exciting with Asian being awarded a contract for Integrated O&M of Oil & Gas onshore production facility and offshore platform in Cambay in January and now with this coal handling project in Hura following shortly. The Asian team is geared up to mobilize these projects as soon as possible while maintaining our intent to prioritize and deliver service excellence, with the highest standards of safety".

Shares of Asian Energy Services Ltd was last trading in BSE at Rs. 128.35 as compared to the previous close of Rs. 134.50. The total number of shares traded during the day was 39635 in over 831 trades.

The stock hit an intraday high of Rs. 135.00 and intraday low of 126.75. The net turnover during the day was Rs. 5210762.00.

Source : Equity Bulls

Keywords

AsianEnergyServices INE276G01015 JVPartner EasternCoalfields HuraCOCP CoalHandling