Ashoka Buildcon SPV hands back disputed Andhra project

Ashoka-DSC Katni Bypass Road, a special purpose vehicle of Ashoka Buildcon, is implementing a project “to carry on the business of building, erection, construction, developing, maintaining and operation” of the infrastructure project of roads and bridges of Katni Bypass on NH 7 around Katni town in Madhya Pradesh on BOT basis “or any other basis as per various rules and regulations on behalf of MORT&H and State PWD, MP (the Authority)”. The SPV handed over the project back to the Authority on 18 August, after the expiry of the Concession Period successfully as per the terms of the Concession Agreement and as per the claims awarded by Arbitral Tribunal and interim Orders of the High Court of Delhi. The toll income of the same is not recognized as revenue since the matter is sub-judice from 17 September 2014. The SPV will continue to pursue its pending claims of the project with the Authority through conciliation mode for settlement. See also: Gurugram stretch of Dwarka Expressway to be ready by 2023Bengaluru: Shivananda steel flyover partially open