Ashoka Buildcon, on Friday, acquired 8.5 percent stake in the Jaora-Nayagaon Toll Road (JTCL) in Madhya Pradesh for an amount of Rs 34 crore. 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. The project will generate Rs 160-165 crore revenue per annum, he added. "It is a project where we have acquired, through our holding companies, 48 percent stake of which Ashoka Buildcon holds 10.26 directly and through our other subsidiary Ashoka Concessions Limited, which is a joint venture of SBI, Macquarie as well as Ashoka Buildcon where we have 37.74 stake," Mehta said. The company also plans to acquire another 26 percent in JTCL. The current order book of the company stands are close to Rs 4,000 crore of which Rs 1,400 crore worth projects are in power and the rest in road and engineering, procurement and construction (EPC). Watch video for more.
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