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Indian-Commodity  :  Corporate  :  Ashoka Buildcon's toll collection rights withdrawn by Govt of Maharashtra

Ashoka Buildcon's toll collection rights withdrawn by Govt of Maharashtra (20-Nov-2012)

Ashoka Buildcon's toll collection rights for the project viz., 'Improvements to the Ahmednagar- Karmala Road State High Way No. 141 Km 0/0 To 80/600 Ahmednagar District Border under BOT Scheme (with toll rights), has been withdrawn by the PWD, Government of Maharashtra prematurely, which were to expire on November 04, 2015.

The notification from government states that the lending interest rates have been changed by the Reserve Bank of India and consequently as per contract provisions, the concession period in view of new lending rates reworked, has ended before November 14, 2012 and therefore considered it expedient to cease the effect and operation of the notification dated May 15, 2002 authorizing toll collection upto November 04, 2015. The company is proposing to take remedial action as permissible under law.

Ashoka Buildcon builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. It currently operates one of the highest numbers of toll-based BOT projects in India.


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