Ashoka Buildcon Ltd. announced on Friday, April 24, that it has received a Letter of Contract Acceptance from the Ministry of Energy and Water, Republic of Angola, for a significant electricity infrastructure project. According to reports from CNBC TV18, the contract is valued at $72.36 million (approximately ₹600 crore) and pertains to the 'Electricity Sector Improvement and Access Project' involving design, supply, installation and commissioning of rehabilitation works for distribution networks in Luanda City.
As reported by CNBC TV18, the project will be executed over a 24-month period and involves comprehensive rehabilitation works for electricity distribution networks in the Angolan capital. The company clarified that the order has been awarded by an international entity and does not involve any related party transactions or promoter interest, ensuring transparency in the contract award process.
According to CNBC TV18, this latest contract follows Ashoka Buildcon's January 2026 award of a ₹307.71 crore contract (excluding GST) from the Public Works Department, Work Division-I, Daman, for constructing a signature bridge. The bridge project involves connecting Jampore Sea Front road near the Light House to Devka Sea Front road at Parkota Sheri in Daman, demonstrating the company's diversified project portfolio across different infrastructure segments.
As reported by CNBC TV18, shares of Ashoka Buildcon rose from the day's lows following the announcement and were trading at ₹133.85, though they remained 1.49% below Thursday's closing price. The stock has gained more than 21% in the last month, while delivering a negative 32.4% return over the last 12 months, reflecting mixed investor sentiment despite the positive contract win.
