PSP Projects, an Indian construction company, has announced the acquisition of work orders valued at Rs17.64bn ($200m), excluding taxes, for multiple infrastructure and construction projects in Ahmedabad, Gujarat, India.
The first of these contracts is the city-side development project at Ahmedabad Airport, awarded by Adani Airport Holdings, a subsidiary of Adani Enterprises, the flagship company of the Adani Group, with a value of Rs6.47bn. The project is expected to be completed within 18 months.
Adani Group, based in Ahmedabad, is a diversified organisation in India with ten publicly traded companies. It has developed a transport and utility infrastructure portfolio with a presence across the country.
PSP Projects has also secured the Adani Medicity & Research Center construction project from Vitthal Mandir, valued at Rs4.11bn, with a completion timeline of 24 months.
Additional projects include a residential project at Shatigram, Ahmedabad, from Adani Realty, worth Rs1.39bn, scheduled for completion in 22 months.
The company will also design and construct a leadership guest house at Shatigram for Adani Enterprises, valued at Rs1.47bn, with an 18-month completion period.
Another contract from Adani Enterprises is for a training centre at Shantigram, valued at Rs610.7m, with an 18-month deadline.
Additionally, PSP Projects has been tasked with the Airside and Landside Development at Ahmedabad Airport by Ahmedabad International Airport, a project worth Rs2.23bn, set for completion in 12 months.
The company will also develop the Vishram Gruh at Asarva Civil Hospital Campus for Sevadaan Arogya Foundation, a private non-profit company, worth Rs510m (excluding goods and services tax (GST)), in the residential category, to be completed within 20 months.
Furthermore, PSP Projects reported small-value work orders and amendments totalling Rs822.4m.
Including these new projects, the company’s total order inflow for financial year 2024-25 (FY24-25) stands at Rs34.78bn, as per the stock exchange filing.
PSP Projects was also the lowest bidder for the development of a street in Ahmedabad, worth Rs1.20bn (excluding GST).
In March 2024, PSP Projects secured two construction work orders in Gujarat, totalling approximately Rs3.86bn.
