Ashoka Buildcon’s subsidiary - Viva Highways has entered into a Share Purchase Agreement with PNC Infratech for purchase of 2,44,23,700 constituting 8.51% of share capital of JTCL equity shares of Rs 10 each fully paid for an aggregate consideration of Rs 34.19 crore held in Jaora-Nayagaon Toll Road Company (JTCL).
The completion of the above transaction is subject to the satisfaction of the conditions precedent mentioned in the Share Purchase Agreement, including receipt of the approval of the lenders of JTCL.
JTCL executes the project to carry on the business of Design, Construction, Finance, Strengthening, Widening, Operation and Maintenance on BOT basis for the Four Laning of Jaora - Nayagaon section from Km. 126/200 to 252/200 of State Highways 31 in the State of Madhya Pradesh.
Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. It currently operates one of the highest numbers of toll-based BOT projects in India.
