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Its order wins galore for Ashoka Buildcon as Macquarie-Ashoka bag toll-operate-transfer (TOT) projects for Rs 9,700 crore. The company has also emerged as the lowest bidder for a hybrid-annuity model project worth Rs 860 crore. In an interview with CNBC-TV18, Satish Parakh, MD of Ashoka Buildcon spoke about the latest happenings in his company and sector.
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On Friday, the government tabled the Specific Relief Amendment Bill in parliament. The amendments in the bill, if approved, will make it easier to enforce infrastructure contracts. That's not all, the amendments also provide for specific relief to select categories of infrastructure projects. In an interview to CNBC-TV18, Satish Parakh, MD of Ashoka Buildcon and Alok Deora of IIFL Wealth discussed this Specific Amendments Bill.
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SBI-Macquarie Infra Fund is looking to exit Ashoka Buildcon's subsidiary Ashoka Concessions Limited (ACL) and the process has already begun, said Paresh Mehta, CFO of Ashoka Buildcon.
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Speaking to CNBC-TV18, Paresh Mehta, CFO of the company said that 8.5 percent stake was taken over by Viva Highway, as subsidiary of Ashoka.
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The timeline of execution for the order will be a period of 18 months and the company‘s balance orderbook now stands at Rs 5001 crore, Satish Parakh, MD, Ashoka Buildcon tells CNBC-TV18.
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The current order book for the company including that of power, T&D and roads stand at Rs 3100 crore, said Satish Parakh, MD, Ashoka Buildcon.
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Sadbhav Engineering is in focus as the company has won orders worth Rs 905 crore. Discussing the details, its ED Nitin Patel said the turnover from these projects will start contributing from Q3FY16.
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Satish Parakh, managing director, Ashoka Buildcon says the company will use the funds to pare off its working capital debt.
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The stock price of Ashoka Buildcon has already doubled in 2014. According to brokerages, the company is likely to be a big beneficiary of the vast opportunities in the road sector.
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The company has two projects, Dankuni Kharagpur and Belgaum Dharwad, that are likely to benefit from the move.
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The company will now try for distribution in Bihar, Punjab, Odisha and other states and are in the process of bidding in Odisha and Bihar said Satish Parakh, MD, Ashoka Buildcon.
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Ashoka Buildcon has been witnessing slowdown in toll collection over past three quarters across India.
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In Q2FY14, Ashoka Buildcon‘s turnover and EBITDA stood at Rs 777 crore and Rs 180 crore respectively. Its EPC turnover was at Rs 631 crore over Rs 624 crore.
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While commenting on the future of his company, KK Mohanty of Gammon Infrastructure said, "We are intending to put three more projects into operation. We will be completing Godavari Bridge, Patna-Hajipur Highway and one of the power project or port projects". These projects will be completed from quarter three onwards.
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Satish Parakh is the man behind Ashoka Buildcon's staggering growth from a very small civil contractor to one of India's leading highway developers as well amongst top infrastrcuture companies. It is on its way to join the big league of infrastructure companies soon from a small town like Nashik
