Ashoka Buildcon's arm hands over Katni Bypass Road project

19 Aug 2022 Evaluate

Ashoka Buildcon’s subsidiary -- Ashoka-DSC Katni Bypass Road (SPV) is implementing the Project viz. 'To carry on the business of building, erection, construction, developing, maintaining and operation of the Infrastructure project of Roads and Bridges of Katni Bypass on N. H. 7 from km. 361/2 to 378/6 around Katni town in the State of Madhya Pradesh in India on BOT basis or any other basis as per various rules and regulations on behalf of MORT&H and State PWD, MP' (the Authority).

The SPV has handed over the Project back to the Authority on August 18, 2022, after the expiry of the Concession Period successfully as per the terms of the Concession Agreement and as per the claims awarded by Arbitral Tribunal and interim Orders of High Court of Delhi.

The toll income of the same is not recognized as Revenue since the matter is sub-judice from September 17, 2014. The SPV will continue to pursue its pending claims of the Project with the Authority through conciliation mode for settlement.

Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis.

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