Ashoka Buildcon Ltd has completed the sale of its entire shareholding in five highway special purpose vehicles (SPVs) to Maple Infrastructure Trust for a total consideration of Rs 1,814.42 crore, the company informed the stock exchanges on Wednesday.
The transaction, which also includes repayment of shareholder loans, was executed by Ashoka Concessions Ltd (ACL), a material subsidiary of the company. The sale covers the following SPVs:
- Ashoka Highways (Bhandara) Ltd
- Ashoka Highways (Durg) Ltd
- Ashoka Belgaum Dharwad Tollway Ltd
- Ashoka Sambalpur Baragarh Tollway Ltd
- Ashoka Dhankuni Kharagpur Tollway Ltd
The sale was completed on November 26, 2025, in line with earlier agreements signed on October 30, 2024.
According to the company’s filing, the five SPVs together contributed modestly to consolidated financials in FY25. For example, Ashoka Highways (Bhandara) recorded revenue of Rs 127.49 crore, while Ashoka Dhankuni Kharagpur Tollway generated Rs 542.39 crore, though several SPVs reported negative net worth.
The buyer, Maple Infrastructure Trust, is a SEBI-registered InvIT listed on the BSE and is not related to Ashoka Buildcon’s promoter group. The company said the deal does not fall under related-party transactions.
With the completion of this divestment, Ashoka Buildcon continues to streamline its portfolio and reduce exposure to toll-based assets.
