Ahluwalia Contracts (India) Limited has announced the acquisition of a significant project valued at ₹310.00 crore, involving the construction of several blocks at the university's site in Greater Noida, Uttar Pradesh. The order was awarded by Bennett University, part of the renowned Times Group, and involves the construction of institutional buildings specifically identified as Block - O1, O2, O3, R1, L, and Q. The ₹310.00 crore figure includes the Goods and Services Tax (GST). The contract was formally awarded by Bennett University (The Times Group), located at Plot No. 8-11, Tech Zone-II, Greater Noida (UP) 201310. The order provides the company with the right to construct an institutional building within 22 months, or almost two years.
The order encompasses the construction of Bennett University's blocks O1, O2, O3, R1, L and Q. As reported in the regulatory filing, the company confirmed that the order win did not fall under the criteria of a related-party transaction, which would typically involve business deals between entities with existing relationships such as parent companies and subsidiaries. The company also confirmed that the promoter, promoter group or group companies had no personal interest in the entity that awarded the order. The project has been classified as an institutional building project and is categorized as a domestic order, indicating that the awarding entity is a domestic entity.
According to the regulatory filing, Ahluwalia Contracts shares climbed 4.36% as of 12.14 pm on Wednesday. The stock has experienced significant declines, falling more than 38% in the year-to-date period and a further 37% over the trailing 12 months. The stock is currently trading 8.5% away from its 52-week low of ₹540.55, which it hit on Thursday, October 1. As part of its commitment to shareholder communication, the company provided this update in compliance with Clause 30 of SEBI's Listing Obligations and Disclosure Requirements (LODR), Regulations 2015.
