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Afcons Infrastructure
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Afcons Infrastructure
Afcons Infrastructure Limited is an Indian multinational construction and engineering company based in Mumbai. The company is involved in infrastructure EPC projects such as bridges, flyovers, metros, railway lines, tunnels, highways, ports and marine works, barrages, and oil and gas structures. It has been a part of the Shapoorji Pallonji Group since 2000.
The company was founded in 1959 as Rodio Hazarat & Co, a joint venture between Rodio Foundation Engineering of Switzerland and Hazarat & Co of India. In the initial years, the company undertook foundation work of office buildings in Mumbai's then-business district Nariman Point. In 1976, the Swiss partner exited the joint venture by selling its stake to an employees-led consortium, owing to the Foreign Exchange Regulation Act legislation passed in 1973 which affected its business viability. The company was renamed as Asia Foundations and Construction in the same year.
The company later expanded its business interests beyond foundation engineering to include marine construction (jetties, docks and harbours) and transportation works (roads and bridges). In 1997, the company was renamed to Afcons Infrastructure. In the 1990s, the company raised debt funding from ICICI, which later converted the debt to equity, obtaining a 47.37% stake by 1998.
In 2000, the Shapoorji Pallonji Group acquired a majority stake in Afcons by buying out ICICI's entire stake and an additional 6.59% from promoter Hazarat family. Shapoorji Pallonji Group eventually increased its stake to over 97% by acquiring shares held by employees. Cyrus Mistry served as chairman from 2003 until 2012, when he was succeeded by his brother Shapoor Mistry.
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Afcons Infrastructure
Afcons Infrastructure Limited is an Indian multinational construction and engineering company based in Mumbai. The company is involved in infrastructure EPC projects such as bridges, flyovers, metros, railway lines, tunnels, highways, ports and marine works, barrages, and oil and gas structures. It has been a part of the Shapoorji Pallonji Group since 2000.
The company was founded in 1959 as Rodio Hazarat & Co, a joint venture between Rodio Foundation Engineering of Switzerland and Hazarat & Co of India. In the initial years, the company undertook foundation work of office buildings in Mumbai's then-business district Nariman Point. In 1976, the Swiss partner exited the joint venture by selling its stake to an employees-led consortium, owing to the Foreign Exchange Regulation Act legislation passed in 1973 which affected its business viability. The company was renamed as Asia Foundations and Construction in the same year.
The company later expanded its business interests beyond foundation engineering to include marine construction (jetties, docks and harbours) and transportation works (roads and bridges). In 1997, the company was renamed to Afcons Infrastructure. In the 1990s, the company raised debt funding from ICICI, which later converted the debt to equity, obtaining a 47.37% stake by 1998.
In 2000, the Shapoorji Pallonji Group acquired a majority stake in Afcons by buying out ICICI's entire stake and an additional 6.59% from promoter Hazarat family. Shapoorji Pallonji Group eventually increased its stake to over 97% by acquiring shares held by employees. Cyrus Mistry served as chairman from 2003 until 2012, when he was succeeded by his brother Shapoor Mistry.