Indian highway developer Ashoka Buildcon has won two road contracts with a total value of INR20.86 billion ($310 million; €282 million) from the National Highways Authority of India.
Its subsidiary Ashoka Concessions has emerged as the lowest bidder, with a quote at INR16 billion, for the four to six laning of the Kharar-to-Ludhiana section of the NH-95 project in Punjab. The scheme will be developed under the hybrid annuity model, the company said in a filing at the Bombay Stock Exchange.
The company was also chosen to undertake the INR4.86 billion two to four laning of the Govindpur (Rajgunj)-Chas-West Bengal Border section of the NH-32 in Jharkhand. The project will be developed under an EPC arrangement.
The road developer aims to win new road projects worth INR40-50 billion this year as the country pushes for more investments in greenfield projects across the territory, according to reports.
Ashoka Buildcon has been undertaking EPC projects in road and power transmission sectors since 1993. In 2012, private equity funds jointly managed by State Bank of India and Australia's Macquarie Group invested $150 million in a unit owned by the company.