Ashoka Mallasandra Karadi Road Pvt Ltd's Project Awarded Provisional Certificate

Ashoka Buildcon Limited has marked a significant milestone in its Hybrid Annuity Mode (HAM) Project with the declaration of the Commercial Operations Date (CoD) for an additional stretch of 7.55 kilometers. This declaration, dated October 18, 2023, was issued by the Independent Engineer on November 21, 2023. This is in addition to the stretch of 34.730 kilometers, which received the First CoD on October 26, 2021, as per the NHAI letter dated November 10, 2022.

The HAM Project, titled "Construction of Four Laning of Tumkur - Shivamogga section from 12+310 (Design km 12+300) to km 66+540 (Design km 65+195) from Mallasandra to Karadi Village of NH-206 on Hybrid Annuity Mode, under NHDP phase-IV in the state of Karnataka (Package I)," is under the National Highways Authority of India (NHAI).

The execution of the Project is carried out by Ashoka Mallasandra Karadi Road Private Limited, a Wholly Owned Subsidiary of Ashoka Concessions Limited, which is a Subsidiary of Ashoka Buildcon Limited.

Ashoka Mallasandra Karadi Road Private Limited has received a Provisional Certificate for the completion of 42.280 kilometers in aggregate, out of the total Project stretch of 50.645 kilometers. Following the CoD declaration, the SPV becomes eligible for Annuity payments from NHAI for the operation period of 15 years, at intervals of every six months from the date of achieving the First CoD.

EQUITYBULLS