Ashoka Buildcon Limited (“Ashoka”) has announced that Macquarie SBI Infrastructure Fund (MSIF) and SBI Macquarie Infrastructure Trust (SMIT), both of which are private equity funds managed by the State Bank of India and Macquarie, will together invest
Ashoka Buildcon Limited (“Ashoka”) has announced that Macquarie SBI Infrastructure Fund (MSIF) and SBI Macquarie Infrastructure Trust (SMIT), both of which are private equity funds managed by the State Bank of India and Macquarie, will together invest USD 150 mn in Ashoka’s 100 per cent subsidiary Ashoka Concessions Limited (“ACL”).
Ashoka is a leading highway concessionaire and EPC company, which is listed on the BSE & NSE. With its 16 years of experience as a highway developer, Ashoka has till date executed -3,100 lane kms of highways. One of the pioneers in the road PPP space in India, Ashoka currently has a portfolio of 25 BOT road projects - 20 operational BOT projects and 5 BOT projects under construction/development. Ashoka witnessed the first private equity placement from a pedigreed investor, IDFC Private Equity in 2006. The Company got listed in 2010 with a market capitalization of Rs. 1,700 cr.
ACL will currently domicile a portfolio of 7 large sized projects amounting to a project cost of.~ USD 1.6 bn. It is raising USD 150 mn from private equity funds managed by the above Joint Venture for funding the existing portfolio of ACL. While Ashoka shall continue to bring in its engineering, construction and project management capability, association with the SBI Macquarie Joint Venture will enhance its credentials.
Ernst & Young acted as the exclusive financial advisor to Ashoka for this fund raising exercise.
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