Asian Energy Services Soars on New Partnership and ₹148 Crore Contract Win

Asian Energy Services Limited (AESL) saw a 1.52% increase in its shares following the announcement of a new partnership with Indwell and the securing of a significant contract. The contract, valued at approximately ₹148 crore, was awarded by The Singareni Collieries Company Limited (SCCL) for the development of a coal evacuation system at the PKOCP in Manuguru. AESL will undertake the design, supply, erection, commissioning, and trial run of the system over an 18-month period.

Kapil Garg, Managing Director of AESL, expressed satisfaction with the new contract, noting that it marks the company's second order from SCCL. He emphasized AESL's growing reputation and capability in securing repeat business from major industry players, highlighting the company's strategic expansion beyond seismic services into diversified sectors, particularly within the mineral industry.

AESL, now under the ownership of Oilmax Energy Private Limited, has broadened its service portfolio to encompass integrated oil and gas services, as well as mining services aimed at supporting the energy upstream oil and gas value chains. This strategic move underscores AESL's confidence in the opportunities presented by the mineral sector, particularly in coal, and its commitment to leveraging these prospects for future growth.

The partnership with Indwell and the contract with SCCL reflect AESL's optimistic outlook on the mineral industry's potential, reinforcing its position as a key player in providing essential infrastructure solutions for coal evacuation. The company remains focused on delivering high-quality services and expanding its footprint in strategic markets, aiming to capitalize on emerging opportunities within the energy and mining sectors.

News by Rahul Yelligetti