Asian Energy Services secures contract from Heavy Engineering Corporation.

Asian Energy Services secures contract from Heavy Engineering Corporation.

by 5paisa Research Team Last Updated: 2022-12-14T04:10:43+05:30

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.


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