Ashoka Buildcon Limited has strengthened its infrastructure portfolio by acquiring a majority 61.17% stake in Jaora-Nayagaon Toll Road Company Private Limited (JTCL). The acquisition was executed through its subsidiary, Viva Highways Limited, which purchased 7,46,20,000 equity shares from Macquarie SBI Infrastructure Investments Pte Limited and SBI Macquarie Infrastructure Trust for ₹166.59 crore.
JTCL operates a key project under a concession granted by the Madhya Pradesh Road Development Corporation (MPRDC). The project involves the reconstruction, widening, strengthening, and rehabilitation of a major stretch of State Highway-31 in Madhya Pradesh, executed on a Build-Operate-Transfer (BOT) basis.
The acquisition, completed on October 1, 2025, after approvals from JTCL’s lenders, the MPRDC, and the Competition Commission of India, aligns with Ashoka Buildcon’s strategic objective of consolidating its holdings and enhancing operational efficiency across its road infrastructure portfolio.
The deal, settled on a cash consideration basis, reflects Ashoka Buildcon’s commitment to expanding its presence in the infrastructure sector. The company has also agreed to extend the Long Stop Date of the transaction to October 31, 2025, signaling that procedural steps are still ongoing.
Financially, JTCL reported a total income of ₹265.50 crore and a net worth of ₹639.89 crore in FY25. The consolidation of shareholding is expected to streamline decision-making and strengthen collaboration with stakeholders, including MPRDC and the project’s lenders.
Summary:
Ashoka Buildcon, via its subsidiary Viva Highways, has acquired a 61.17% stake in Jaora-Nayagaon Toll Road Company for ₹166.59 crore. The deal, completed on October 1, 2025, enhances its infrastructure portfolio, consolidates operations, and strengthens its road development presence in Madhya Pradesh.
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