Ashoka Buildcon Ltd has agreed to sell its entire stake in five highway Special Purpose Vehicles (SPVs) to Maple Infrastructure Trust for ₹18.14 billion. The strategic divestment, due for closure by end-November, boosts Ashoka’s liquidity and enables sharper focus on its core infrastructure portfolio.
In a significant infrastructure sector transaction, Ashoka Buildcon Ltd and its subsidiary, Ashoka Concessions Limited, are divesting their 100% stake in five operational highway SPVs to Maple Infrastructure Trust. The deal, valued at ₹18.14 billion, involves SPVs overseeing toll and annuity road assets spanning several Indian states. The transaction is part of Ashoka Buildcon’s strategy to monetize mature assets and recycle capital into new opportunities.
The sale includes SPVs operating projects in Bhandara, Durg, Belgaum-Dharwad, Sambalpur-Baragarh, and Dhankuni-Kharagpur. Final closure of the deal, initially set for November 20, has been extended to November 30, 2025, reflecting the complexity and regulatory requirements of the agreement.
Proceeds from this transaction will enable Ashoka Buildcon to reduce debt, strengthen its balance sheet, and fund growth in its core EPC (engineering, procurement, and construction) business. Market watchers note the move could spark further consolidation in the Indian infrastructure space as companies seek liquidity for fresh projects and balance sheet optimization.
Key Highlights
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Ashoka Buildcon sells five highway SPVs to Maple Infrastructure Trust for ₹18.14 billion
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Divestment covers major toll and annuity roads across multiple states
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Deal extended to close by November 30, 2025, due to regulatory clearances
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Transaction expected to improve Ashoka Buildcon’s balance sheet and cash position
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Supports industry trend toward asset monetization and portfolio streamlining
Source: ScanX Trade, ICRA, Ashoka Buildcon regulatory disclosures.