Ashoka Buildcon's SPV eligible for annuity payments from NHAI within six months for HAM project

This project is executed by Ashoka Ranastalam Anadapuram Road, (SPV) a wholly-owned subsidiary of Ashoka Concessions, which is a subsidiary of the Ashoka Buildcon.

Oct 14, 2020 03:10 IST India Infoline News Service

One of the leading highway developer, Ashoka Buildcon, on Wednesday announced that the company's SPV is now eligible for receipt of Annuity payments from NHAI within 6 months for its Hybrid Annuity Mode (HAM) Project.

The company today informs that September 24, 2020, is considered as the Commercial Operation Date (CoD) for its HAM project of National Highways Authority of India ("NHAI") on October 13, 2020.

The project involves 4/6 laning from Ranastalam to Anandapuram (Visakhapatnam) (from Km 634.000 to Km 681.000) section of NH05 (New NH-16) in the State of Andhra Pradesh under NHDP Phase- V (Package II) on Hybrid Annuity mode Basis.

This project is executed by Ashoka Ranastalam Anadapuram Road Limited, (SPV) a wholly-owned subsidiary of Ashoka Concessions Limited, which is a subsidiary of the Ashoka Buildcon.

In its regulatory filing, Ashoka Buildcon said, further to inform that consequent to the declaration of CoD, the SPy is eligible for receipt of Annuity payments from NHAI within 6 months from the date of achievement of CoD i.e. 6 months from September 24, 2020.

Also, the company said that the SPV has received a Provisional Completion Certificate for completion of 45.550 KMs out of total Project highway Length of 47.00 KMs.

On Sensex, Ashoka Buildcon stock ended at Rs61.30 per piece down 0.49%. 

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