Afcons Infrastructure

Indian construction and engineering company

Afcons Infrastructure Limited

Formerly| Asia Foundations and Construction Limited
Company type| Public

Traded as

| NSE: AFCONS
BSE: 544280
Industry| Infrastructure
Founded| 1959
Headquarters|

Mumbai, Maharashtra

India

Area served

| Worldwide

Key people

| Shapoor Pallonji Mistry (Chairman)
Revenue|  ₹13,646 crore (US$1.6 billion) (FY24)[1]

Operating income

|  ₹1,583 crore (US$190 million) (FY24)[1]

Net income

|  ₹449 crore (US$54 million) (FY24)[1]
Parent| Shapoorji Pallonji Group
Government of India(through ICICI Ltd.) (former)
Website| afcons.com

Afcons Infrastructure Limited is an Indian multinational construction and engineering company based in Mumbai. The company is involved in infrastructure EPC projects such as bridges, flyovers, metros, railway lines, tunnels, highways, ports and marine works, barrages, and oil and gas structures.[2][3] It has been a part of the Shapoorji Pallonji Group since 2000.

In May 2000, Government of India decided to sell the 47% majority stakes to Shapoorji Pallonji Group before privatization of ICICI Ltd.[4]In 2023, Engineering News-Record (ENR) ranked Afcons as India's largest international infrastructure company based on international revenue.

## History

[edit]

The company was founded in 1959 as Rodio Hazarat & Co, a joint venture between Rodio Foundation Engineering of Switzerland and Hazarat & Co of India. In the initial years, the company undertook foundation work of office buildings in Mumbai's then-business district Nariman Point. In 1976, the Swiss partner exited the joint venture by selling its stake to an employees-led consortium, owing to the Foreign Exchange Regulation Act legislation passed in 1973 which affected its business viability. The company was renamed as Asia Foundations and Construction in the same year.[5][6]

The company later expanded its business interests beyond foundation engineering to include marine construction (jetties, docks and harbours) and transportation works (roads and bridges). In 1997, the company was renamed to Afcons Infrastructure. In the 1990s, the company raised debt funding from ICICI, which later converted the debt to equity, obtaining a 47.37% stake by 1998.[5][6]

In 2000, the Shapoorji Pallonji Group acquired a majority stake in Afcons by buying out ICICI's entire stake and an additional 6.59% from promoter Hazarat family.[7][5] Shapoorji Pallonji Group eventually increased its stake to over 97% by acquiring shares held by employees.[8] Cyrus Mistry served as chairman from 2003 until 2012, when he was succeeded by his brother Shapoor Mistry.[6]

## Notable projects

[edit]

Chenab Rail Bridge in Jammu division

East West Metro Tunnel of Kolkata Metro under the Hooghly River

Nagpur's four-level corridor comprising underpass, railway line, highway and metro[9]

* Atal Tunnel[10]
* Chenab Rail Bridge[11]
* Dahej Port liquid cargo berth
* Dhaka-Chittagong railway corridor doubling[12]
* Kolkata Metro Line 6[13]
* Chennai Metro Blue Line[14]
* Airoli Bridge
* Udhampur–Jammu highway
* KR Puram Bridge, Bangalore
* Kanpur Metro[15][16]
* East West Metro Tunnel, Kolkata[17]
* Namma Metro, Bangalore
* New railway bridge adjacent to Rajendra Setu on River Ganga in Begusarai, Bihar
* Ram Jhula, Nagpur
* Samruddhi Mahamarg Package-14 and Package-02[18]
* Pandoh-Takoli
* T49 Tunnel, Jammu & Kashmir
* Vembanad Rail Bridge, Kerala
* Agaléga Military Base, Mauritius[19]
* Kosi Bridge, Bihar
* Kochi Metro
* Delhi–Meerut Regional Rapid Transit System
* Saraswati Barrage
* Agra–Lucknow Expressway
* Thilamalé Bridge, Maldives
* Tema-Mpakadan Railway Line, Ghana

## References

[edit]

1. ^ a b c "Annual Report 2023-24" (PDF). Afcons. Retrieved 28 September 2024.
2. ^ "Afcons Infrastructure Limited Company Profile – India | Financials & Key Executives | EMIS". emis.com. Retrieved 30 June 2020.
3. ^ "Afcons Infrastructure Ltd – Company Profile and News – Bloomberg Markets". Bloomberg.com. Retrieved 30 June 2020.
4. ^ https://www.business-standard.com/article/specials/shapoorji-buys-out-47-icici-stake-in-afcons-100051101073_1.html
5. ^ a b c "Afcons' golden moment". Business India. 15 November 2009. Retrieved 28 September 2024.
6. ^ a b c Lall, Pavan (9 August 2015). "The company that Cyrus built". Fortune India. Retrieved 28 September 2024.
7. ^ "Shapoorji Buys Out 47% Icici Stake In Afcons". Business Standard. 11 May 2000. Retrieved 5 July 2023.
8. ^ Zachariah, Reeba (23 December 2006). "Shapoorji Pallonji readies IPO for arm". The Times of India. Retrieved 30 June 2020.
9. ^ "A first in India: Nagpur's 4-level transport corridor". Mid-Day. 6 December 2022. Retrieved 16 October 2024.
10. ^ "Motorists tunnelling their way to accidents by taking selfies in Atal Tunnel". Sify. Archived from the original on 9 October 2020. Retrieved 5 October 2020.
11. ^ "Chenab Bridge, Jammu and Kashmir, India". Railway Technology. Retrieved 3 May 2023.
12. ^ "Afcons, Ircon JV bags Rs 453-crore contract in Bangladesh". The Economic Times. 8 October 2013. Retrieved 30 June 2020.
13. ^ "Afcons Begins Kolkata Metro Line-6's D-Wall Work at Airport". The Metro Rail Guy. 20 February 2023. Retrieved 25 June 2023.
14. ^ "Afcon Infra bags Rs 2,598-cr Chennai Metro Project". The Economic Times. 1 February 2011. Retrieved 30 June 2020.
15. ^ "Kanpur Metro project gets going from Oct 2 with pillar construction". Hindustan Times. 26 September 2019. Retrieved 5 October 2020.
16. ^ Shah, Narendra (7 September 2019). "AFCONS Infra wins Rs 676 crore Civil Contract For Kanpur Metro". Metro Rail News. Retrieved 5 October 2020.
17. ^ "Afcons to build India's first underwater train tunnel, Bags Rs 938-Cr Project From Kolkata Metro Railway". The Economic Times. 22 March 2010. Retrieved 30 June 2020.
18. ^ "Construction Package14". Maharashtra Samruddhi Mahamarg. Retrieved 5 May 2023.
19. ^ Jazeera, Al. "Agaléga, a secret base, and India's claim to power". interactive.aljazeera.com. Retrieved 18 August 2022.