Ashoka Buildcon Acquires 26% Stake in JTCL for ₹166.6 Cr, Raising Holding to 61.17%

Ashoka Buildcon Limited (ABL) has further consolidated its road infrastructure portfolio with its subsidiary Viva Highways Limited (VHL) acquiring a 26% stake in Jaora Nayagaon Toll Road Company Private Limited (JTCL) for ₹166.6 Cr. With this move, ABL’s effective holding in JTCL has now increased to 61.17%.

Deal Structure and Financials

The acquisition, completed on 1 October 2025, involved the purchase of 7,46,20,000 equity shares of ₹10 each from existing investors. The transaction was settled entirely in cash, raising ABL’s control over JTCL through its subsidiaries VHL and Ashoka Concessions Limited.

Although the stake transfer has been executed, the Parties have extended the Long Stop Date under the Securities Purchase Agreement (SPA) to 31 October 2025, as other elements of the transaction process remain in progress.

About JTCL and Project Details

Jaora Nayagaon Toll Road Company Private Limited (JTCL) was incorporated on 10 July 2007. It holds a concession agreement with the Madhya Pradesh Road Development Corporation (MPRDC) dated 20 August 2007, covering the reconstruction, strengthening, widening, and rehabilitation of a 125 km to 250 km stretch of State Highway-31 in Madhya Pradesh. 

The project operates on a Build, Operate, and Transfer (BOT) basis, placing it firmly within the road infrastructure domain.

JTCL has shown consistent financial performance. For FY25, it reported total income of ₹265.50 Cr and a net worth of ₹639.89 Cr. This follows ₹233.41 Cr income and ₹540.13 Cr net worth in FY24, and ₹221.22 Cr income with ₹463.22 Cr net worth in FY23.

Strategic Move Towards Core Focus

ABL noted that the consolidation aligns with its core infrastructure strategy, strengthening operations in its main business of roads and power projects. By raising its stake, ABL expects to ensure better functioning, improved decision-making, and enhanced efficiency within JTCL. The move also allows a full exit for investors including Macquarie SBI Infrastructure Investments Pte Limited and SBI Macquarie Infrastructure Trust.

Read More: Adani Road Transport to Acquire 100% Stake in Yashodhan Highways & KN Highways Development.

Ashoka Buildcon Share Price Performance 

As of 03 October, 2025, at 9:32 AM, Ashoka Buildcon share price is trading at ₹187.26 per share, reflecting a gain of 0.28% from the previous closing price. Over the past month, the stock has declined by 2.42%.

Conclusion

With its stake in JTCL rising to 61.17%, Ashoka Buildcon has tightened its grip over a key road asset in Madhya Pradesh. The ₹166.6 Cr acquisition not only consolidates the company’s presence in the highway sector but also demonstrates its intent to streamline decision-making and align JTCL fully with its long-term infrastructure strategy.

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