Ashoka Buildcon has completed the acquisition of a 26 per cent stake in Jaora Nayagaon Toll Road Company Private Limited (JTCL) for Rs 1.66 billion. The transaction is in accordance with the securities purchase agreement signed in October 2024 with SBI Macquarie Infrastructure Trust and Macquarie SBI Infrastructure Investments Pte Limited for the purchase of their stake in JTCL. Viva Highways Limited (VHL), a subsidiary of Ashoka Buildcon, acquired 74,620,000 equity shares which were owned by JTCL investors.
Following the aforementioned acquisition by VHL, the company’s stake in JTCL through its subsidiaries, VHL and Ashoka Concessions Limited (ACL), has grown to 61.17 per cent of JTCL’s paid-up share capital. According to audited financial records for 2024-25, JTCL has a net worth of Rs 6.39 billion and total income of Rs 2.65 billion. In accordance with an agreement dated August 20, 2007, the Madhya Pradesh Road Development Corporation granted JTCL a concession for the reconstruction, strengthening, widening, and rehabilitation of 125-250 km of state highway (SH)-31 in Madhya Pradesh on a build-operate-transfer (BOT) model. JTCL was incorporated on July 10, 2007.