Ashoka Buildcon receives LOA for Gems & Jewellery Park project worth ₹112.40 Crore
Ashoka Buildcon received a Letter of Acceptance from CSIDC for developing a Gems & Jewellery Park in Raipur. The project involves a premium payment of ₹112.40 Crore and a lease period of 30 years. The Company holds a 51% stake in the Joint Venture undertaking this development.
The value of the premium to be paid is ₹112.40 Crore, which is a significant contract for the company. The project duration and lease terms also suggest a substantial engagement.
The company has received a Letter of Acceptance for a new project, which is a positive development indicating business growth.
Ashoka Buildcon Limited (the Company) has announced the receipt of a Letter of Acceptance (LOA) from Chhattisgarh State Industrial Development Corporation Limited (CSIDC) for the development of a Gems & Jewellery Park under Public Private Partnership (PPP) mode in Raipur, Chhattisgarh.
The Company, as the lead member with a 51% stake in a Joint Venture, submitted a bid for this project. The accepted amount of premium to be paid for the project is ₹112.40 Crore. The project involves development on a land area of 38,922 Sq. mtrs. under a lease period of 30 years, extendable up to 90 years, with a construction period of 5 years. Additionally, a lease rent of 2% of ₹112.40 Crore will be applicable, with a 10% escalation every 4th year.
The trading window for designated persons of the Company and their immediate relatives will remain closed until 48 hours after the declaration.
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See the model portfoliosA plain-language summary of a public exchange filing by Ashoka Buildcon Limited. Read the original for the full detail.