India, Feb. 6 -- Ashoka Buildcon Limited on Friday said its wholly owned Saudi Arabian subsidiary, Ashoka Buildcon Limited for Contracting, along with joint venture partner BEC Arabia Contracting Co., has received a Letter of Acceptance for a major construction project in the Kingdom of Saudi Arabia.
The joint venture has been awarded the contract by Diriyah Company for the project titled "Main Construction Works of Diriyah II – Delivery Partner for One Hotel". Diriyah Company is backed by Saudi Arabia's Public Investment Fund, the country's state-owned sovereign wealth fund.
The total accepted bid value for the project stands at SAR 717.09 million (excluding VAT). Ashoka Buildcon holds a 49 percent stake in the joint venture, trans...