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Ashoka Buildcon, through its subsidiary Viva Highways Limited (VHL), has acquired a majority stake in Jaora Nayagaon Toll Road Company (JTCL) by purchasing 74,620,000 equity shares from Macquarie SBI Infrastructure Investments Pte Limited and SBI Macquarie Infrastructure Trust for INR 166.59 crore. This acquisition increases Ashoka Buildcon's holding in JTCL to 61.17 %. JTCL, incorporated in 2007, has a concession from Madhya Pradesh for upgrading 125-250 km of State Highway 31 on a Build-Operate-Transfer basis. The company reported a total income of INR 265.50 crore and a net worth of INR 639.89 crore in the latest fiscal year.
Ashoka Buildcon has increased its stake in Jaora Nayagaon Toll Road Company Private Limited (JTCL) by acquiring a majority share through its subsidiary, Viva Highways Limited (VHL). VHL purchased 74,620,000 equity shares from Macquarie SBI Infrastructure Investments Pte Limited and SBI Macquarie Infrastructure Trust for a total consideration of INR 166.59 crore. As a result of this transaction, Ashoka Buildcon's combined holding in JTCL, through VHL and its affiliate ACL, now stands at 61.17 % of the paid-up share capital. Advertisement
The acquisition was completed on October 1, following the securities purchase agreement with the earlier investors. JTCL's latest audited financial statements show a total income of INR 265.50 crore and a net worth of INR 639.89 crore, indicating stable financial performance and a strong balance sheet.
JTCL was incorporated in 2007 and holds a concession from the Madhya Pradesh Road Development Corporation for reconstructing, strengthening, widening, and rehabilitating 125-250 km of State Highway 31. The project is being executed on a Build-Operate-Transfer (BOT) basis. This acquisition is expected to consolidate Ashoka Buildcon's investments in JTCL, while also providing an exit route for the previous investors.
In addition to strengthening its controlling stake, the move allows Ashoka Buildcon to exercise greater operational control over JTCL's projects and streamline management under its larger infrastructure portfolio. In the past, Ashoka Buildcon has pursued similar consolidations across toll projects to improve governance and operational efficiency. Analysts suggest that such consolidations often help in optimizing project execution and financial performance in the infrastructure sector.
Source PTI
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