Construction firm Ashoka Buildcon has bagged a contract worth $38.11 million (around Rs 247 crore) from Maldives-based company Housing Development Corporation.

“Our 50:50 consortium with Mohan Mutha Exports Pvt Ltd has been awarded the EPC contract for development of a road network for Hulhumale, Phase 2, Stage 1 Project by Housing Development Corporation (HDC), Republic of Maldives, to be completed in 18 months,” Ashoka Buildcon said.

The estimated cost of the project according to HDC is $38.11 million, it added.

In a regulatory filing, Ashoka Buildcon also said the consortium has signed a contract agreement with Housing Development Corporation, Maldives.

Ashoka Buildcon shares were trading up 1.75 per cent at Rs 165.40 in afternoon trade on the BSE.