India’s Ashoka Buildcon receives Letter of Acceptance for hotel construction in Diriyah, Saudi Arabia
Ashoka Buildcon Limited has
bolstered its international order book after its wholly owned Saudi subsidiary,
Ashoka Buildcon Limited for Contracting, received a Letter of Acceptance for a
major hotel construction project in Diriyah, Saudi Arabia. The
project was awarded through a joint venture with BEC Arabia
Contracting Co., marking another significant step in the company’s
expansion across the Middle East.
The contract has been awarded by
Diriyah Company, an entity owned by Saudi Arabia’s Public Investment Fund (PIF)
and the master developer behind Diriyah II, one of the Kingdom’s flagship urban
and cultural transformation developments.
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The scope of work includes the main
construction works for one hotel under Diriyah II, with Ashoka Buildcon acting
as the delivery partner under a lump-sum contract. The total accepted bid value
stands at SAR 717.09 million, excluding VAT. Ashoka Buildcon holds a 49 per
cent stake in the joint venture, translating to a share of SAR 351.37 million,
equivalent to approximately ₹846.38 crore based on exchange rates as of
February 5, 2026.
The international project is
scheduled for completion within 27 months from the effective date of February
5, 2026. Collaboration with BEC Arabia, a privately owned construction and
engineering services company with extensive regional experience, is expected to
strengthen execution capabilities and provide valuable local market expertise.
Read More Diriyah
projected to contribute $18.6bn to Saudi Arabia’s GDP
The new order highlights Ashoka
Buildcon’s growing footprint in overseas markets, particularly in the Middle
East, and underscores its ability to secure high-value hospitality and
infrastructure projects backed by sovereign entities. The contract is expected
to enhance revenue visibility over the medium term while reinforcing the
company’s credentials in delivering complex international construction
projects.
Following the announcement, the
trading window for designated persons and their immediate relatives will remain
closed for 48 hours, in compliance with SEBI regulations.
Source: https://www.businessupturn.com/
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