Ashoka Buildcon Ltd, a road infrastructure company, builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. The company operates one of the highest number of toll-based BOT projects in India. In addition to BOT project, they design and procure the raw materials and equipment for and construct roads, bridges, distribution transformers, electricity substations, commercial buildings, industrial buildings and institutional buildings for third parties as well as perform maintenance for third parties. They also manufacture and sell ready-mix concrete (RMC), bitumen and pre-cast concrete poles and collect tolls on roads and bridges owned and constructed by third parties. The company is organized in four divisions, namely, the BOT division, the engineering, procurement and construction (EPC) division, the RMC and bitumen division and the toll collection contract division. Their head office is in Nashik, Maharashtra and their operations currently reach across the states of Maharashtra, Madhya Pradesh, Chhattisgarh, Rajasthan, Karnataka and Orissa. In the past, they have also undertaken work in Gujarat, Goa and Tamil Nadu, Uttarakhand, the National Capital Territory of Delhi and the union territories of Dadra and Nagar Haveli and Daman and Diu. In BOT Division, the company currently operates in 23 BOT road projects totaling approximately 3,498.35 km of lanes in Maharashtra, Madhya Pradesh, Chhattisgarh, Karnataka and Orissa the concessions for which were awarded on a BOT basis. Out of the 23 BOT projects mentioned above, 17 are in operation and six are under construction. In EPC Division, the company primarily engineers and designs, procures the raw material and equipment for and constructs roads and bridges for their BOT division and third parties. They also maintain and repair existing roads for our BOT division, constructs and modernizes power distribution networks, comprising distribution transformers and electricity substations, for third parties and constructs commercial, industrial and institutional buildings for third parties. They also own a large fleet of construction equipment. The RMC and Bitumen Division sells ready-mix concrete and bitumen and supports the EPC division by ensuring that they have an adequate and timely supply of high-quality RMC and bitumen. They have 14 RMC plants with a total production capacity of 650 cubic metres per hour and 86 concrete transit trucks and 19 concrete pumps. This division also sells and processes bitumen to a higher grade for use in road projects and supports their EPC division by supplying with bitumen. They have one plant in Pune for the processing of bitumen with a capacity of 60 metric tonnes per day. The company set up their toll collection contract division to leverage their experience of collecting tolls on their BOT projects and their proprietary computerized toll revenue auditing system. The company began their operations as a civil construction firm, Ashoka Constructions in November 5, 1983 as a partnership between Ashok M Katariya, Ramanal B Parakh, Sushil R Parakh, Narendra R Shakadwipi and Vimlabai R Shakadwipi. The company was reorganized as a private limited company namely, Ashoka Buildcon Pvt Ltd in the year 1993. Thus, Ashoka Buildcon Ltd was formally incorporated in the year 1993 and was engaged in the business of civil construction. During the year 1995-96, they completed their first major industrial project for Nilkamal Plastics Ltd, Sinnar. Prior to fiscal 1997, the company was engaged solely in the engineering and construction of residential, commercial, industrial and institutional buildings. In the year 1997, they entered into the business of developing toll roads and toll bridges on a BOT basis. They were awarded their first BOT project, the Dhule bypass in Maharashtra and completed the construction of the road in the same fiscal year. During the year 1997-98, the company completed the construction of one of the first few flyovers in Pune, the Kothrud flyover. They were awarded the ISO 9001:2000 certification for quality management systems. Also, they were awarded the National Award for 'Most Outstanding Bridge-Excellent Aesthetic Matching Environment' for Kothrud flyover, Pune and Shivna Bridge from Indian Institute of Bridge Engineers. The company established the Ashoka Training Institute for promoting excellence in civil construction education and research. In the year 2000, the company began manufacturing RMC solely for use by their EPC division. They were awarded their first project aggregating approximately Rs 1,000 million on NH-4. In the year 2002, they completed the construction of East Coast road between Chennai and Pudducherry which was declared to be a model road by Government of India. Also, the company was awarded the 'NIMA Excellence Award' by the Nashik Industries and Manufacturer's Association. In the year 2002, the company began to manufacture RMC to sell to third parties as well as for use by their EPC division. In April 22, 2002, the company became a public limited company and the name of the company was changed from Ashoka Buildcon Pvt Ltd to Ashoka Buildcon Ltd. During the year 2003-04, the company completed the construction of the Indore-Edalabad road, which was one of the longest roads to be constructed on a BOT basis. In February 11, 2004, Ashoka Info Pvt Ltd, Ashoka Infra Pvt Ltd, Ashoka Vastu Pvt Ltd, Ashoka Vastu Shilp Pvt Ltd, Ashoka Shilp Vikas Pvt Ltd and Ashoka Construction Engineers Pvt Ltd were amalgamated with the company. In the year 2005, the company began processing bitumen to a higher grade at their facility in Pune for use in road projects. They developed systems and procedures for collecting tolls on their BOT projects and they were awarded their first contract to collect the tolls on a road owned and constructed by a third party. In August 2006, IDFC PE II acquired 1,019,617 equity shares in the company which made IDFC the single largest shareholder with 18.18% equity stake in the company. In the year 2007, the company received the Certificate of Registration regarding compliance with requirements of ISO 9001: 2008 (Quality Assured Company), ISO 14001:2004 (Environmental Management System) and OHSAS 18001:2007 (Safety Assured Company). In September 2008, they entered into agreements for constructing and developing two shopping malls on a BOT basis. In the year 2009, the company began undertaking EPC work in the power sector and received a contract from Maharashtra State Electricity Distribution Company Ltd for the construction and commissioning of sub-transmission lines, distribution lines, power transformers and new sub-stations. In September 2009, they began manufacturing pre-cast concrete poles. In February 2010, the company received an ISO 14064 for having their greenhouse gas emissions independently monitored and reviewed on a regular basis. In March 2010, they received a CIDC Vishwakarma Award 2010 in the category of 'Best Professionally Managed Company' with an annual turnover more than Rs. 5,000 million. In April 2010, the Government of Maharashtra issued a letter of allotment for developing a 1,500 KW per hour hydro electric power plant in Waghur, Maharashtra on a build, own, operate and transfer (BOOT) basis. The company intends to bid for more power plant projects to be developed on a BOOT basis. As at May 31, 2010, in the EPC Division, the company, their subsidiaries and their predecessor entities had constructed 44 roads and bridges and built over 5.4 million square feet of commercial, industrial and institutional projects. As at May 31, 2010, their Order Book, which comprises the unfinished and uncertified portion of projects that we have been awarded, was Rs. 16,153.64 million. In June 2010, the company bagged an order worth Rs 9.09 billion for the construction of four lane road from 0.00 km to 88.00 km on NH 6 between Sambalpur-Baragarh on the Orissa-Chattisgarh border in the state of Orissa to be executed as BOT (Toll) project on DBFO pattern under NHDP Phase III project. The other contract comprise an order worth INR 4.80 billion for a stretch of 79.36 kilometers for six lane road on Belgaum-Dharwad section of NH-4 from 433.000 km to 515.000 km on DBFOT basis. In September 2010, the company secured two different BOT projects collectively worth Rs 13,890 million from National Highway Authority of India (NHAI) for construction of six-lane and four-lane roads on DBFOT (Design, Build, Finance, Operate and Transfer) basis in the state of Karnataka and on Orissa-Chhattisgarh border respectively. The first project worth Rs 9,090 million is for the construction of four-lane road from 0.00 km to 88.00 km on NH 6 between Sambalpur and Baragarh on the Orissa-Chattisgarh border in the state of Orissa to be executed as BOT (Toll) project on DBFOT pattern under NHDP Phase III project. The other project comprises an order worth Rs 4,800 million for a stretch of 79.36 km for six-lane road on Belgaum-Dharwad section of NH-4 on DBFOT basis.