Ashoka Buildcon has increased its stake in Jaora-Nayagaon Toll Road Co to 48% from 23% held as on October31. The company’s road development subsidiary Ashoka Concessions owned 23% stake in Jaora-Nayagaon Toll Road Co and had acquired a further 14.74% stake in the project, taking its total stake to 37.74%.
Besides, the company has acquired 10.26% stake in the project through its wholly owned subsidiary Viva Highways. The Jaora-Nayagaon Toll Road Co is a special purpose vehicle set up for four-laning of the 340-km stretch of road in 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.
