Asian Energy services bags ₹148 crore contract for coal evacuation system

Asian Energy Services Limited’s (AESL) shares were up by 1.52 per cent after the company reported a partnership with Indwell and secured a contract worth approximately ₹148 crore from The Singareni Collieries Company Limited for the design, supply, erection, commissioning, and trial run of a coal evacuation system at the PKOCP, Manuguru area. The contract is set to be executed over 18 months.

Kapil Garg, Managing Director of AESL, said, “This marks our second order secured with SCCL, highlighting not only the confidence major players place in us but also our capability to consistently win repeat business from our clients. This achievement underscores our optimistic outlook on the abundant opportunities within the mineral sector, particularly in coal. It stands as a testament to our strategic shift from solely focusing on seismic services to embracing a more diversified approach. We are enthusiastic about the promising prospects that lie ahead in the mineral industry.”

AESL is acquired by Oilmax Energy Private Limited, the company provides integrated oil and gas services and expanded its offerings to include mining services for the energy upstream oil and gas value chains.

HBL