Ashoka Buildcon arm executes concession pact with NHAI for Rs 1,035 crore road project

Ashoka Buildcon has announced the execution of a concession agreement with NHAI for a Rs 1,035.5 crore road project in Karnataka.

In a filing to BSE, the company said, “Ashoka Banwara Bettadahalli Road Pvt Ltd (SPV) has executed a concession agreement with National Highways Authority of India (NHAI) on March 19, 2020, for the project viz. four laning of Tumkur-Shivamogga section…in the state of Karnataka, on hybrid annuity mode under Bharatmala Priyojana (Package – III).”

According to the filing, the special purpose vehicle (SPV) is a wholly owned subsidiary of the company. “The accepted bid project cost is Rs 1,035.50 crore,” it added.

Last month, Ashoka Buildcon Limited had informed that the company had submitted its bid to National Highways Authority of India for the project and emerged the lowest bidder.

In a communication to National Stock Exchange, Ashoka Buildcon said the Company emerged as ‘the Lowest Bidder’ at the Financial Bid opening meeting held on February 13, 2020.

The quoted Bid Project Cost for the project is Rs 1,035.50 crore, it added. In November last year, Ashoka Concessions Ltd (ACL), a subsidiary of Ashoka Buildcon, had bagged a Letter of Award (LOA) from NHAI for a highway project in Telangana worth Rs 1,000 crore.

Image Credit : thehindubusinessline.com

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