Ashoka Buildcons subsidiary hands over Katni Bypass Road project

21 Aug 2022 , 01:33 AM

Ashoka Buildcon announced that its subsidiary viz Ashoka-DSC Katni Bypass Road SPV is implementing the Project viz To carry on the business of building erection construction developing maintaining and operation of the Infrastructure project of Roads and Bridges of Katni Bypass on NH 7 from km 3612 to 3786 around Katni town in the State of Madhya Pradesh in India on BOT basis or any other basis as per various rules and regulations on behalf of MORTH and State PWD MP the Authority The SPV has handed over the Project back to the Authority on 18 August 2022 at 0000 hours at midnight after the expiry of the Concession Period successfully as per the terms of the Concession Agreement and as per the claims awarded by Arbitral Tribunal and interim Orders of Honble High Court of Delhi The toll income of the same is not recognized as Revenue since the matter is sub-judice from 17 September 2014 The SPV will continue to pursue its pending claims of the Project with the Authority through conciliation mode for settlement