Asian Energy Bags Rs 187.6 Crore Gujarat Power EPC Contract, Expands Beyond Coal India

Asian Energy Services Limited has secured a Rs 187.62 Crores EPC contract (including GST) from Gujarat State Electricity Corporation Limited (GSECL) for enhancement of a coal handling plant in Ukai Gujarat. The project marks a strategic milestone for the company as its first major order outside Coal India and its subsidiaries and associates. It signals a diversification of its client base and a strong entry into state utility-led infrastructure projects. The project involves capacity enhancement of the Coal Handling Plant (Stage-II) at the Ukai Thermal Power Station in Gujarat. The project is being executed on a lumpsum EPC basis, and the scope covers end-to-end engineering, procurement, construction, and commissioning, which will take place over 2-3 years.

Dr. Kapil Garg, Managing Director, Asian Energy Services Limited, said, "Asian Energy is delighted to have won this project, which will involve upgrading the coal handling plant capacity of Ukai Thermal Power Station. The project expands our order book in the mineral infrastructure vertical and adds to our revenue visibility for the next 2 years. All our projects thus far have been for Coal India and its subsidiaries & associates, and working on this project reflects our successful efforts towards acquiring new customers for our service offerings."

Asian Energy, under its mineral infrastructure vertical, is engaged in the development of several coal handling systems, with multiple projects across Coal India subsidiaries including MCL, ECL, CCL, SECL and also Singareni Collieries Company Limited in Telangana. Most of these projects involve turnkey execution covering design, engineering, supply, construction, erection, commissioning, and in several cases operations & maintenance as well. The addition of the GSECL project strengthens the company's order book and reinforces its leadership in the coal handling infrastructure space.

Shares of Asian Energy Services Ltd was last trading in BSE at Rs. 374.35 as compared to the previous close of Rs. 368.15. The total number of shares traded during the day was 54553 in over 1501 trades.

The stock hit an intraday high of Rs. 385.25 and intraday low of 367.00. The net turnover during the day was Rs. 20528013.00.

Source : Equity Bulls

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AsianEnergyServices INE276G01015 OrderWin