Ashoka Buildcon wins Arbitration Award from Government of Maharashtra
DSIJ Intelligence / 06 Oct 2017
Ashoka Buildcon, the infrastructure company, has informed in its filing that it has received arbitration award worth Rs 124.30 crore.
Ashoka Buildcon, the infrastructure company, has informed in its filing that it has received arbitration award worth Rs 124.30 crore.
It has received the award for its Ahmednagar-Karmala Road, State Highway No.141 with toll rights under BOT scheme. The arbitration award was given by the Public Works Department, Government of Maharashtra.
The work was bagged by Ashoka Buildcon in 1999 with a concession period of 16 years and 9 months, inclusive of 3.5-year period of construction.
However, the toll collection for the work was stopped prematurely from November 17, 2012, with respect to the notification issued by the government on November 9, 2012.
Post declaration of the award, the shares of Ashoka Buildcon rose 5% and touched intra-day high of Rs 203.45. However, the stock closed at Rs.195.5, up by 1.11 per cent.
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