Pune: Ashoka Buildcon’s subsidiary sells land in Hinjawadi for Rs 453 crore.
Pune: Ashoka Buildcon's subsidiary sells land in Hinjawadi for Rs 453 crore.
September 6, 2024
On Thursday, September 5, Ashoka Buildcon Ltd announced that its fully owned subsidiary, Viva Highways Ltd (VHL), has successfully sold land in Hinjawadi, Pune, for ₹453 crore. The company stated in a stock exchange announcement that VHL has informed them about the monetization of the land from its Real Estate Portfolio located in Hinjawadi, Pune, which has been valued at ₹453 crore. Last month, Ashoka Buildcon revealed that it had won the bid for two projects from the Mumbai Metropolitan Region Development Authority (MMRDA), totaling approximately ₹1,280.8 crore.
These projects involve the design and construction of a creek bridge connecting Kolshet to Kalher and another bridge from Gaimukh to Payegaon, both of which are for engineering, procurement, and construction (EPC) work.
The Kolshet to Kalher Creek bridge project has a value of ₹289.6 crore and is projected to be completed within 42 months. In contrast, the Gaimukh to Payegaon Creek bridge project is valued at ₹991.2 crore, with an expected completion time of 36 months. Ashoka Buildcon Ltd is involved in the construction and infrastructure sector, employing both EPC and build-operate-transfer (BOT) models.
On the stock market, shares of Ashoka Buildcon Ltd closed at ₹268.10, reflecting an increase of ₹31.45, or 13.29%, on the BSE.
