Asian Energy Services secures contract from Heavy Engineering Corporation.

Asian Energy Services secures contract from Heavy Engineering Corporation.

by 5paisa Research Team Last Updated: Dec 14, 2022 - 04:10 am 49.2k Views
Listen icon

The company plans to further bid for such upcoming projects in this space to leverage its experience and increase its foothold in this line of business.

Asian Energy Services has been awarded a contract worth Rs 236 crore (inclusive of GST) for coal handling infrastructure by Heavy Engineering Corporation (HEC) at Gevra, Chhattisgarh. This contract marks the fruition of the company’s efforts to enter the coal infrastructure sector. The campaign for the same began in 2020 when the company diversified primarily from oil and gas to other energy services.

The company has also been selected as an approved awardee for the coal handling infra project at Hura OCP by Eastern Coalfields Ltd (ECL) worth Rs 128 crore (inclusive of GST). The company is awaiting an LOA (Letter of Acceptance) from ECL pending completion of necessary land acquisition by ECL which is expected soon.

In order to reduce road transport of coal and making Indian mining infrastructure efficient and modern, coal handling plants with rapid loading systems are being set up in mines. At least 35 projects are planned to be commissioned in the coming years with an estimated capital outlay of around Rs 17,000 crore in FY22 by Coal India Limited. The company plans to further bid for such upcoming projects in this space to leverage its experience and increase its foothold in this line of business.

To quote Ashutosh Kumar, Whole-time Director and CEO of Asian Energy Services Limited (AESL) from a filing with the exchange, “As the modernization of existing infra and creation of new infra is taking centre stage of Government of India, we will see plenty of opportunities in this segment and with successfully bagging initial projects, AESL is geared up to participate in this. This fits well into AESL vision of growth and expansion as it opens up avenues to expand our portfolio of services for bulk materials handling and mine development operations.

Asian Energy Services is an oilfield service and reservoir imaging company, offering a suite of geophysical services specializing in land and well seismic services and operation and maintenance services for oilfields. It is one of the few companies providing end-to-end services in the upstream oil segment.

Share Market Today


How do you rate this article?

or

Start Investing in 5 mins*

Rs. 20 Flat Per Order | 0% Brokerage

378X91-D3

About the Author

Our research team is composed of some highly qualified research professionals, their expertise range across sectors.


Open Free Demat Account
Resend OTP
Please Enter OTP
Mobile No. belongs to

By proceeding, you agree to the T&C.

Latest News
What you must know about Marinetrans India IPO?

Net Marinetrans India Ltd was incorporated in the year 2004 and it is engaged in the business of sea freight forwarding. Marinetrans India Ltd started off as a freight forwarder and later expanded to offer Door-to-Door Delivery and 3PL services for the logistics industry.

Net Avenue Technologies IPO GMP (Grey Market Premium)

Net Avenue Technologies IPO opens for subscription on 30th November 2023 and closes for subscription on 04th December 2023.

Warren Buffett Offloads Entire 2.46% Paytm Stake, Faces ₹507 Crore Loss

On November 28, 2023, shares of One 97 Communications, the parent company of Paytm, opened 1% lower following Warren Buffett's move to sell his entire stake in the digital payment giant.