secured a ₹187.62-crore EPC contract from Gujarat State Electricity Corpn Ltd (GSECL) on Monday for the capacity enhancement of a coal handling plant at the Ukai Thermal Power Station in Gujarat.
The contract is the company’s first major order outside and its subsidiaries and associates, marking a strategic shift in its client base toward state utility-led infrastructure projects. The project will be executed on a lumpsum EPC basis, covering end-to-end engineering, procurement, construction, and commissioning of the Coal Handling Plant (Stage-II) at Ukai, with a completion timeline of two to three years.
Shares of Asian Energy rose 3.61 per cent to ₹380.50 on Monday, with a traded value of ₹19.80 crore, reflecting investor interest in the announcement. The stock has gained nearly 35 per cent year-to-date and has delivered over 211 per cent returns in three years. Its total market capitalisation stands at approximately ₹1,717 crore.
Managing Director Dr. Kapil Garg said the order expands the company’s order book in its mineral infrastructure vertical and adds revenue visibility for the next two years, while also demonstrating progress in acquiring customers beyond Coal India.
Until now, Asian Energy’s mineral infrastructure portfolio consisted entirely of projects for subsidiaries — including MCL, ECL, CCL, and SECL — and Singareni Collieries Company Ltd in Telangana. These projects typically involve turnkey execution spanning design, engineering, supply, construction, erection, and commissioning, often with operations and maintenance components.
The GSECL contract broadens that footprint into state power utilities.
Asian Energy is promoted by Oilmax Energy Private Ltd, which holds a 56.01 per cent stake. Beyond mineral infrastructure, the company also provides integrated oil and gas services, including seismic data acquisition and facility operations and maintenance.