Ashoka Buildcon arm executes concession pact with NHAI for road project

Shares of Ashoka Buildcon were trading at Rs 54.65 apiece on the BSE, up 3.21% over the previous close.

Ashoka Buildcon on Friday announced the execution of a concession agreement with NHAI for a Rs 1,035.5 crore road project in Karnataka.

"Ashoka Banwara Bettadahalli Road Pvt Ltd (SPV) has executed a concession agreement with National Highways Authority of India (NHAI) on March 19, 2020, for the project viz. four laning of Tumkur-Shivamogga section...in the state of Karnataka, on hybrid annuity mode under Bharatmala Priyojana (Package - III),"

Ashoka Buildcon said in a filing to the BSE.

The SPV is a wholly owned subsidiary of the company, the filing said.

"The accepted bid project cost is Rs 1,035.50 crore," the filing said.

Shares of Ashoka