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Ashoka Buildcon’s arm receives Arbitration Award for PNG Road project

18 Mar 2019

Ashoka Buildcon’s subsidiary -- Ashoka Concessions (ACL) has been directed to pay Rs 57.33 crore plus interest to L&T Infrastructure Development Projects (LTIDPL) towards share of shortfall funding of SPV - PNG Tollway.

PNG Tollway was running project of Design, Engineering, Finance, Construction, Operation and Maintenance of 6 laning of existing 2 laning of the Pimpalgaon-Nashik Gondhe section of NH-3 from Km.380.00 to Km.440.00 in the state of Maharashtra under NHDP Phase IIIA on Build Operate and Transfer (BOT) basis, awarded by NHAI (Project). Project is terminated by PNG Tollway on February 25, 2016. L&T IDPL along with its group companies own 74% and Ashoka Concessions owns 26% shareholding of PNG Tollway respectively. ACL may approach appropriate forum for setting aside the arbitral award against it.

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.

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