Afcons Infrastructure Limited has informed the Exchange that it has been declared the Lowest Bidder for two packages by Croatian Motorways Ltd for a road construction project in the Republic of Croatia.
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Afcons Infrastructure has been declared the Lowest Bidder by Croatian Motorways Ltd for two road construction packages on the A1 Motorway (Zagreb–Split–Dubrovnik) in the Republic of Croatia. Package J324/23 involves building a 9 km stretch (Rudine–Slano subsection) valued at approximately Euro 240.6 million (~Rs. 2,398 Crores). Package J325/23 covers an 11.5 km stretch (Slano–Mravinjac subsection) valued at approximately Euro 214.5 million (~Rs. 2,137 Crores). The total combined order value is approximately Rs. 4,535 Crores (~$455 million), with a completion period of 42 months from commencement. Both contracts are denominated in Euros and awarded by Croatian Motorways Ltd, a state-owned entity of Croatia.
This is a major export order in hard currency (Euros) from a foreign government entity, significantly boosting Afcons' international order book. The Rs. 4,535 Crore combined value is substantial relative to the company's size and should positively support revenue visibility and margins given the foreign-currency billing.