Ashoka Buildcon’s subsidiary Ashoka GVR Mudhol Nipani Roads (AGMNRL) has received a Provisional Completion Certificate for completion of 89.844 KMs of the Project Highway (83% of the total Length). The Provisional Completion Certificate is issued with effect from December 11, 2016 by the Karnataka State Highways Improvement Project Authority (KSHIP), which is also a Commercial Operation Date (COD) as per the provisions of the Concession Agreement.
AGMNRL is eligible for receipt of Annuity payment from KSHIP within six months from the date of declaration of COD i.e. within six months from December 11, 2016. The company is executing the Project viz. to Design, Build, Finance, Operate and Maintain and Transfer (DBFOMT) the Existing State Highway (SH18) from Mudhol to Maharashtra Border (Approximate length 107.937 Kms) in the State of Karnataka on DBFOMT Annuity Basis.
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.