Ashoka Buildcon Limited has received a Letter of Acceptance for the development of a Gems & Jewellery Park in Raipur, Chhattisgarh, under a Public Private Partnership. The project, awarded by Chhattishgarh State Industrial Development Corporation (CSIDC), has an accepted premium of ₹112.40 Crore. The lease period is for 30 years, extendable up to 90 years, with a construction period of 5 years.
Project Awarded
Ashoka Buildcon Limited, as a lead member of a joint venture with a 51% stake, has been awarded the Letter of Acceptance (LOA) for a significant development project. The project entails the Development of Gems & Jewellery Park under a Public Private Partnership (PPP) mode, situated in Raipur, Chhattisgarh. This development was proposed to the Chhattishgarh State Industrial Development Corporation Limited (CSIDC).
Project Details
The project encompasses a total area of 38,922 Sq. mtrs. The broad consideration for this order is the amount of premium to be paid, which is ₹112.40 Crore. Additionally, a lease rent of 2% of ₹112.40 Crore will be applicable, with an escalation of 10% every 4th year. The lease period for the project land is set at 30 years, with the option for extension up to 90 years. The construction phase of the project is expected to be completed within 5 years.
Contractual Information
The entity awarding this contract is the Chhattishgarh State Industrial Development Corporation Limited (CSIDC). The nature of the order is a Development on Project Land area on Public Private Partnership (PPP) mode. This is categorized as a Domestic Entity award, and the execution is considered Domestic.
There are no applicable interests from the promoter/promoter group or group companies in the entity that awarded the order, and it does not fall within Related Party Transactions.
Source: BSE
