Ashoka Buildcon Secures Majority Stake in JTCL for ₹166 Crore
Ashoka Buildcon has completed a significant acquisition, securing a majority stake in Jaora Nayagaon Toll Road Company Private Limited (JTCL). The deal, worth ₹166 crore, was finalised on October 1, 2025, increasing Ashoka's shareholding to 61.17% of JTCL's paid-up share capital.
The acquisition was made by Ashoka's subsidiary, Viva Highways Limited. JTCL, incorporated in 2007, holds a concession for the reconstruction and rehabilitation of a 125 km to 250 km stretch of State Highway (SH)-31 in Madhya Pradesh. The company has shown strong financials, with a total income of ₹265.50 crore and a net worth of ₹639.89 crore as of FY 2025.
Prior to this acquisition, Macquarie SBI Infrastructure Investments Pte. Ltd. and SBI Macquarie Infrastructure Trust were involved in JTCL. However, following Ashoka's takeover, they have exited the company, leaving Ashoka with a majority stake.
With this acquisition, Ashoka Buildcon has strengthened its position in the Indian toll road sector. JTCL's concession and strong financials make it an attractive addition to Ashoka's portfolio. The company now looks to leverage its majority stake to drive growth and value for shareholders.
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