Ashoka Buildcon’s stock jumped over 3% in early moring trade after the company announced that the Adani-Ashoka-Aakshaya Joint Venture has received a significant Letter of Acceptance (LoA) from the Brihanmumbai Municipal Corporation (BMC). The update was shared through an exchange filing dated December 10, 2025, and has boosted investor sentiment around the company’s execution pipeline.
In its filing, Ashoka Buildcon confirmed that the JV’s accepted bid value for the project has been finalised at Rs 1,815.79 crore (excluding GST). Adani Road Transport Limited leads the consortium with a 51% stake, while Ashoka Buildcon holds 26% and Aakshaya Infra Projects holds 23%.
The contract has been awarded for the Mithi River Development and Pollution Control Project – Package III, a major urban infrastructure initiative aimed at rehabilitating and enhancing one of Mumbai’s most critical water bodies. The scope includes dry-weather flow interception at tidal outfalls, installation of gate pumps, construction of transfer sewers, river training works, service roads, retaining walls, and a 10-year operations and maintenance responsibility. The package covers the stretch from CST Bridge (Kurla) to Mahim Causeway, including work on the Vakola River segment.
The company added that the project will be executed under the Design, Build and Operate (DBO) model, with a 48-month construction period (excluding monsoon seasons), followed by a 10-year O&M phase.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
