The project includes construction of four laning of Tumkur - Shivamogga section from Mallasandra to Karadi Village of NH-206 on HAM, under NHDP phase-IV in the state of Karnataka (Package I).

The project is executed by Ashoka Mallasandra Karadi Road (SPV), a wholly owned subsidiary of Ashoka Concessions, a subsidiary of the company.

The company also stated that the said SPV has received a provisional certificate for completion of 42.280 kms in aggregate, out of total project stretch of 50.645 kms.

Consequent to the declaration of CoD, the SPV is already eligible for receipt of annuity payments from NHAI for the operation period of 15 years at the interval of every 6 months from the date of achievement of First CoD.

Ashoka Buildcon is presently engaged in the business of construction of infrastructure facilities on engineering, procurement and construction basis (EPC) and built, operate and transfer (BOT) basis and sale of ready mix concrete.

The firm’s consolidated net profit rose 81.2% to Rs 118.98 crore on 19.2% increase in net sales to Rs 2,154.31 crore in Q2 FY24 over Q2 FY23.

Shares of Ashoka Buildcon shed 1.14% to Rs 143 on the BSE.