Ashoka Buildcon arm executes concession pact with NHAI for Rs 1,036 cr road project

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

Press Trust of India March 20, 2020 15:56:15 IST
Ashoka Buildcon arm executes concession pact with NHAI for Rs 1,036 cr road project

New Delhi: Ashoka Buildcon on Friday announced the execution of a concession agreement with NHAI for a Rs 1,035.5 crore road project in Karnataka.

"Ashoka Banwara Bettadahalli Road Pvt Ltd (SPV) has executed a concession agreement with National Highways Authority of India (NHAI) on 19 March, 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)," Ashoka Buildcon said in a filing to the BSE.

The SPV is a wholly-owned subsidiary of the company, the filing said.

"The accepted bid project cost is Rs 1,035.50 crore," the filing said.

Shares of Ashoka Buildcon were trading at Rs 54.65 apiece on the BSE, up 3.21 percent over the previous close.

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