Ashoka Buildcon Gains Full Control of Ashoka Concessions

The Competition Commission of India (CCI) has approved Ashoka Buildcon's proposal to acquire the remaining 34% stake in Ashoka Concessions Ltd, making it a fully-owned subsidiary. The deal involves Ashoka Buildcon acquiring equity and convertible instruments of Ashoka Concessions from investors.

The Competition Commission of India (CCI) has given the green light to Ashoka Buildcon's acquisition of the remaining 34% stake in Ashoka Concessions Ltd, effectively making the latter a wholly-owned subsidiary. Ashoka Buildcon currently holds a 66% stake in the company.

This acquisition move involves the purchase of equity shares and convertible instruments of Ashoka Concessions by Ashoka Buildcon and its subsidiary, Viva Highways. Notably, Viva Highways will also buy a 26% stake in Jaora Nayagaon Toll Road Company for Rs 150 crore.

Regulatory approval is required for deals exceeding a certain threshold, aimed at ensuring fair competition and policing unfair business practices. Ashoka Buildcon's strategic acquisitions expand their footprint in the infrastructure sector.

(With inputs from agencies.)