Ashoka Buildcon subsidiary acquires larger stake in JTCL road project

Ashoka Buildcon Limited, through its subsidiary Viva Highways Limited (VHL), has acquired 74,620,000 equity shares of Jaora-Nayagaon Toll Road Company Private Limited (JTCL) for INR 1,66,59,93,151. This transaction, completed on October 1, 2025, represents a significant step in the "Investor Exit" process initiated by an earlier Securities Purchase Agreement (SPA) dated October 30, 2024.

As a result of this acquisition, Ashoka Buildcon's total shareholding in JTCL, through its subsidiaries VHL and Ashoka Concessions Limited (ACL), has increased to 61.17% of the paid-up share capital. This consolidation aims to facilitate better functioning, operations, and efficient decision-making for JTCL, which reported a total income of INR 265.50 crore and a net worth of INR 639.89 crore for FY 2025.

The parties have also agreed to extend the Long Stop Date to October 31, 2025, as the overall transaction outlined in the SPA is still in process. This acquisition is a commercial transaction.