In a significant step towards sustainable infrastructure development, Afcons Infrastructure Limited has secured environmental clearance for the Raghavpur Multipurpose Project in Madhya Pradesh. The approval, granted by the Madhya Pradesh State Environment Impact Assessment Authority (SEIAA) on Friday, April 4, 2025, marks a key milestone for the project, paving the way for construction to commence in Dindori district along the Narmada River. This development underscores Afcons’ commitment to balancing infrastructure growth with environmental responsibility, a move that promises to bring clean energy and agricultural benefits to the region.
Project Overview
The Raghavpur Multipurpose Project, awarded to Afcons by the Narmada Valley Development Authority, Government of Madhya Pradesh, is an ambitious initiative designed to serve multiple purposes. At its core, the project involves the construction of a dam and a 25 MW hydroelectric powerhouse on the Narmada River. Beyond power generation, it includes an advanced piped irrigation system aimed at enhancing agricultural productivity across 17,587 hectares of farmland through a pressurized micro-irrigation network. This dual-purpose project exemplifies sustainable development by integrating renewable energy with modern agricultural solutions.
The environmental clearance from SEIAA is a testament to the project’s adherence to ecological standards, ensuring that construction and operation align with Madhya Pradesh’s environmental conservation goals. With this approval, Afcons is now poised to break ground, bringing the vision of the Raghavpur Multipurpose Project closer to reality.
Afcons’ Role and Expertise
Afcons Infrastructure Limited, the flagship engineering and construction arm of the Shapoorji Pallonji Group, brings over six decades of expertise to this venture. Known for executing complex Engineering, Procurement, and Construction (EPC) projects both in India and abroad, Afcons has a proven track record in delivering sustainable infrastructure. The company’s scope for the Raghavpur project extends beyond construction it includes securing land acquisition, managing rehabilitation and resettlement (R&R) compliances, and obtaining necessary statutory clearances from central and state governments.
RK Singh, Project Director at Afcons, emphasized the company’s comprehensive responsibilities, stating that the project stands as a model for sustainable development. Meanwhile, Satish Paretkar, Director of Hydro & Underground and Water Supply at Afcons, highlighted the project’s broader impact: “This initiative demonstrates our commitment to nation-building by integrating hydropower generation with modern irrigation, enhancing agricultural productivity, and contributing to clean energy generation in Madhya Pradesh.”
Financial Snapshot
As of April 5, 2025, Afcons Infrastructure boasts a robust market presence with a market capitalization of ₹16,800 crore. The company’s current stock price stands at ₹457, with a high of ₹570 and a low of ₹398 over the past year. Trading at a stock P/E ratio of 36.7, Afcons reflects strong investor confidence in its growth potential. Its book value is ₹103, with a Return on Capital Employed (ROCE) of 23.1% and a Return on Equity (ROE) of 14.5%, indicating efficient use of capital and profitability. The stock carries a face value of ₹10 and currently offers a dividend yield of 0.00%.
Why This Matters
The Raghavpur Multipurpose Project is more than just an infrastructure endeavorit’s a lifeline for rural communities in Madhya Pradesh. By harnessing the Narmada River’s potential, the project will generate 25 MW of clean, renewable energy, reducing reliance on fossil fuels and contributing to India’s sustainability goals. Simultaneously, the irrigation network will transform agriculture in Dindori district, providing farmers with reliable water access and boosting crop yields across thousands of hectares.
This clearance also reinforces Afcons’ position as a leader in India’s infrastructure sector. With a global ranking among the top 140 international contractors 12th in bridges and 14th in marine and ports the company continues to shape the nation’s growth narrative through innovative and environmentally conscious projects.
Looking Ahead
With environmental clearance secured, Afcons Infrastructure is set to advance construction on the Narmada River, bringing the Raghavpur Multipurpose Project to life. This development not only strengthens Madhya Pradesh’s infrastructure but also sets a precedent for sustainable growth in India. As the project progresses, it will likely serve as a blueprint for future initiatives that blend economic progress with ecological stewardship.
For investors, stakeholders, and communities alike, the Raghavpur Multipurpose Project represents a promising fusion of opportunity and responsibility. As Afcons moves forward, all eyes will be on how this endeavor reshapes the landscape of Madhya Pradesh both literally and figuratively.
