Ashoka Buildcon arm executes concession pact with NHAI for road project

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

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 March 19, 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 per cent over the previous close.