Asian Energy Services plans to double revenue in FY25

Asian Energy Services, a service provider to the energy sector, plans to double its revenue to Rs 600 crore in the current financial year 2024-25 from the previous fiscal, said Kapil Garg, managing director of the company.

Additionally, the company has a third party order book of over Rs 1,000 crore which it intends to execute in the next two to three years.

Asian Energy Service is a subsidiary of Oilmax Energy which provides services that include geophysical data acquisition (seismic), production facility construction (EPC) and operation and maintenance.

In the past 2.5 years, the company has also diversified into the coal sector and will further look to expand its footprint in the coal gasification and minerals mining segment going ahead.

Presently, ASEL has five ongoing projects to build coal handling plants with different subsidiaries of Coal India and will continuously look for further expansion in the truck loading systems, Garg noted.

The company is in discussions with National Mineral Development Corporation (NMDC) and Vedanta’s Cairn to explore opportunities in the mining segment but have not gotten to the stage of bidding yet, Garg informed.