Ashoka Buildcon announced the declaration of 08 September 2023 as the Commercial Operations Date (CoD) for its Hybrid Annuity Mode Project of National Highways Authority of India (NHAI) vide letter issued by Independent Engineer on 26 September 2023 for the Project viz. “Four Laning of Tumkur - Shivamogga section from 66+540 (Design km 65+195) (Karadi) to km. 119+790 (Design km. 121+900) (Banwara) of NH-206 on Hybrid Annuity Mode under NHDP Phase-IV in the state of Karnataka (Package-II)” (Project).

The Project is executed by Ashoka Karadi Banwara Road (SPV), a Wholly Owned Subsidiary of Ashoka Concessions, a Subsidiary of the Company.

Consequent upon the declaration of CoD, the SPV is 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 CoD. The Company also announced that the said SPV has received a Provisional Certificate for completion of 41.61 KMs out of total Project stretch of 56.71 KMs.