Ashoka Buildcon subsidiary hands over project on expiry of concession period

19 Aug 2022 , 09:17 AM

Ashoka Buildcon Limited informed that its subsidiary viz. Ashoka-DSC Katni Bypass Road Limited (“SPV”) is implementing the Project i.e. “To carry on the business of building and construction, erection, also developing, maintaining and operating the Infrastructure project of Roads and Bridges of Katni Bypass on N.H. 7 from km. 361/2 to 378/6 around Katni town in Madhya Pradesh state, India on BOT basis or any other basis as per various rules and regulations on behalf of MORT&H and State PWD, MP.”

As per the filing, the SPV has handed over the Project back to the Authority on August 18, 2022, after the expiry of the Concession Period successfully.

The toll income of the same project is not recognized as Revenue since the matter is sub-judice from September 17, 2014, the company said.

The SPV will continue to pursue its pending claims related to project with the Authority through conciliation mode for settlement.

At around 9:17 AM, Ashoka Buildcon Ltd was trading at Rs79.65 per share up by Rs0.15 or 0.19% from its previous closing of Rs79.50 per share on the BSE.