AWC Bhd has secured two contracts worth a combined INR30.85 crore, or approximately RM13.1 million, for automated waste collection system (AWCS) connections at Gujarat International Finance Tec-City (GIFT City) in India.
The company said its indirect wholly-owned subsidiary, Stream Industries Sdn Bhd, entered into the agreements on Sept 28 with Gujarat International Finance Tec-City Company Ltd.
The contracts cover AWCS connections for upcoming developments in both the Domestic Tariff Area (DTA) and Special Economic Zone (SEZ) within GIFT City in Gandhinagar, Gujarat.
The DTA contract is valued at INR19.82 crore, equivalent to about RM8.44 million, inclusive of applicable goods and services tax.
The SEZ contract is worth INR11.03 crore, or approximately RM4.69 million, and qualifies as a zero-rated supply under India’s SEZ rules.
Both contracts have a duration of 36 months from their respective notices to commence or such other dates specified under the agreements.
AWC said Stream is currently establishing a legal entity and business operations in India, with plans to novate the contracts to the new Indian entity once incorporated.
The new entity will subsequently assume Stream’s rights and obligations under the agreements and carry out the works.
