PSP Projects, an Indian construction firm, has announced new contract acquisitions worth Rs17.64 billion ($200 million) across multiple infrastructure and construction projects in Ahmedabad, Gujarat. The contract values are exclusive of taxes.
One of the significant projects includes the city-side development at Ahmedabad Airport, awarded by Adani Airport Holdings, a subsidiary of Adani Enterprises. The project is valued at Rs6.47 billion and is expected to be completed within 18 months.
Ahmedabad-based Adani Group is a diversified conglomerate with operations spanning transport, utilities, and infrastructure development across India.
Healthcare and Residential Developments
PSP Projects has also secured the construction contract for Adani Medicity & Research Center from Vitthal Mandir, worth Rs4.11 billion, with a 24-month completion timeline.
Additionally, the company will oversee a residential project at Shantigram, Ahmedabad, for Adani Realty, valued at Rs1.39 billion and set for completion in 22 months. Another contract includes the development of a leadership guest house at Shantigram for Adani Enterprises, worth Rs1.47 billion, with an 18-month timeline.
A separate contract for a training center at Shantigram, awarded by Adani Enterprises, is valued at Rs610.7 million and is expected to be completed in 18 months.
Airport and Healthcare Facility Expansions
PSP Projects has also secured the Airside and Landside Development project at Ahmedabad Airport from Ahmedabad International Airport, valued at Rs2.23 billion, with a 12-month completion schedule.
Additionally, the company will develop the Vishram Gruh at Asarva Civil Hospital Campus for Sevadaan Arogya Foundation, a private non-profit organization. This residential project is valued at Rs510 million (excluding GST) and will be completed within 20 months.
Additional Work Orders and Pipeline Projects
Beyond these contracts, PSP Projects reported additional small-value work orders and amendments amounting to Rs822.4 million. With these recent acquisitions, the company’s total order inflow for the financial year 2024-25 (FY24-25) now stands at Rs34.78 billion, as per a stock exchange filing.
The company also emerged as the lowest bidder for a street development project in Ahmedabad, valued at Rs1.20 billion (excluding GST).
In March 2024, PSP Projects secured two construction work orders in Gujarat, totaling Rs3.86 billion.
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By Proptechbuzz
By Ravi Kumar
