Ashoka Buildcon Acquires Majority Stake In JTCL For Rs 166 crore

Ashoka Buildcon on Thursday said it has acquired a majority stake in Jaora Nayagaon Toll Road Company Private Limited (JTCL) for Rs 166 crore.

Ashoka Buildcon, in a regulatory filing, said the acquisition is pursuant to the securities purchase agreement with Macquarie SBI Infrastructure Investments Pte Limited and SBI Macquarie Infrastructure Trust (collectively 'investors') for the acquisition of all investments of the investors in JTCL.

"Ashoka Buildcon's subsidiary Viva Highways Limited has today acquired 7,46,20,000 equity shares of Rs 10 each, held by the investors in JTCL, at a consideration of Rs 1,66,59,93,151.

"In view of the above acquisition by VHL, the shareholding of the Company in JTCL through its subsidiaries viz VHL & ACL has increased to 61.17 per cent of the paid-up share capital of JTCL," it said.

Jaora Nayagaon Toll Road Company Private Limited (JTCL) has a total income of Rs 265.50 crore and a net worth of Rs 639.89 crore, based on audited financial statements of FY 2025.

The acquisition of equity shares was completed on October 1, 2025.

JTCL was incorporated on July 10, 2007, and has been granted a concession by the Madhya Pradesh Road Development Corporation vide agreement dated August 20, 2007, for reconstruction, strengthening, widening and rehabilitation of 125 km to 250 km of State Highway (SH)-31 in Madhya Pradesh on a Build Operate and Transfer basis.

This acquisition will consolidate the company and its group investments into JTCL and facilitate exit for Investors.