Company News: Ashoka Buildcon

Ashoka Buildcon has announced that one of its wholly-owned subsidiaries Ashoka Infraways Limited has received an arbitral award whereby the SPV has been awarded 1,384 additional toll days against various claims filed by the SPV. Additionally, the arbitral tribunal has also awarded ₹37.71 crore along with interest at the rate of 18 per cent towards compensation for loss of toll on account of closure of two toll plazas and an arbitration cost of ₹73.17 lakh along with interest at the rate of 18 per cent from May 5, 2018, till the date of payment. The project, Dewas Bypass Road, was awarded by the Government of Madhya Pradesh, Executive Engineer, Public Works Department, Dewas. The toll collection at the said project had been stopped since August 24, 2015. The toll collection for the quarter ended June 30, 2015, was ₹6.56 crore. Shares of Ashoka Buildcon closed at ₹273.80, down 2.75 per cent, on the BSE.