Ashoka Buildcon wins contract worth Rs169cr from Jharkhand Bijli Vitran

The Package-4 comprises Ranchi, Khunti, Gumla, Simdega and Lohardaga districts of Jharkhand.

Mar 18, 2019 11:03 IST India Infoline News Service

Ashoka Buildcon
Ashoka Buildcon has received Letter of Intent (LoI) from Jharkhand Bijli Vitran Nigam Limited (JBVNL). The accepted Bid Value for the project is Rs169cr.

“The company has received Letter of Intent (LoI) from Jharkhand Bijli Vitran Nigam Limited (JBVNL) for the Project viz. Rural Electrification Works of Package-4 (Comprising Ranchi, Khunti, Gumla, Simdega & Lohardaga District) in Jharkhand State under Jharkhand Sampurna Bijli Achchhadan Yojana (JSBAY) Phase-II,” the company said in the filing.

In addition, Ashoka Concessions Ltd, a subsidiary of the company, has been directed to pay Rs57.33cr plus interest to L&T Infrastructure Development Projects Limited (LTIDPL) towards the share of shortfall funding of SPV - PNG Tollway Ltd.

“PNG Tollway Ltd. was running a project of Design, Engineering, Finance, Construction, Operation and Maintenance of 6 laning of existing 2 laning of the Pimpalgaon-Nashik-Gondhe section of NH-3 from Km.380 Km to 440 Km in the state of Maharashtra under NHDP Phase IIIA on Build Operate and Transfer (BOT) basis, awarded by NHAI ('Project'). The project is terminated by PNG Tollway Ltd. on February 25, 2016. L&T IDPL along with its group companies own 74% and Ashoka Concessions Ltd. owns 26% shareholding of PNG Tollway Ltd., respectively. ACL may approach appropriate forum for setting aside the arbitral award against it,” the company said in the filing.

Ashoka Buildcon Ltd is currently trading at Rs138.40 up by Rs1.6 or 1.17% from its previous closing of Rs136.80 on the BSE. The scrip opened at Rs139.30 and has touched a high and low of Rs139.50 and Rs136 respectively.

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