Ashoka Buildcon has received about R240 crore as the first tranche of the around R825 crore ($150 million) that Macquarie SBI Infrastructure Fund (MSIF) and SBI Macquarie Infrastructure Trust (SMIT) had together agreed to invest in its subsidiary Ashoka Concessions (ACL) in August last year, according to sources. The two private equity funds are managed by the State Bank of India and Macquarie.
Earlier on Monday, the company informed the stock exchanges about achieving transaction closure and said, ?The first tranche of investment has been disbursed, which will be utilised as equity in its various projects under construction,? the notice on exchanges said.
The company in August 2012 had said that ACL had a portfolio of seven large-sized projects amounting to a project cost of $1.6 billion (around R7,800 crore). Ashoka is a highway concessionaire and engineering, procurement and construction company.
In December 2012, the company through a consortium had bagged two state road projects valued at a total of about R1,300 crore. The one bagged from Karnataka State Highways Improvement Project (KSHIP) costs R317.60 crore.
