Leading integrated solid waste management company Antony Waste Handling Cell Ltd on Thursday announced that its subsidiary has been awarded a ₹386 crore order by the Panvel Municipal Corporation in the Mumbai Metropolitan Region (MMR).

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The company said that one of its material subsidiaries, AG Enviro Infra Projects Pvt Ltd, has been awarded the contract of door-to-door collection and transportation of municipal solid waste by the corporation.

The five-year contract has the option of a two-year extension. According to the terms of the tender, the Panvel Municipal Corporation will procure the entire infrastructure for the project. It will subsequently be entrusted to AG Enviro Infra Projects. This means the initial capital expenditure for the project would be financed by the Panvel Municipal Corporation.

“In this five-year contract, with the option of a two-year extension, the corporation has agreed to shoulder the responsibility for all capital expenditures associated with this project. This will allow us to embrace an asset-light model which will empower us to allocate our capital resources to other upcoming and potential opportunities,” said Jose Jacob, chairman and managing director, Antony Waste Handling Cell, in a statement.

After the announcement, shares of Antony Waste Handling Cell rose as much as 2.5% on Thursday to hit an intra-day high of ₹377.50 on BSE. However, by 11.30am, the stock had erased all its gains to trade 0.2% lower at ₹367.55.

The stock has risen nearly 9% in the past one month and over 45% in the last six months. The company recently reported a robust 20% growth in its core operating revenue for the second quarter of the ongoing fiscal, compared to the same period last year.

Earlier this month, the company had announced that it had started commercial power sales from its newly-commissioned waste-to-energy power plant to the Pimpri Chinchwad Municipal Corporation.

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(Edited by : Shloka Badkar)