Press release
For Immediate Release
Ashoka Buildcon Limited raises Rs. 1,000 million
from IDFC Private Equity
August 1, 2006
Mumbai, August 1, 2006: Ashoka Buildcon Limited, (ABL) announced today that
it has raised Rs. 1,000 million of equity from IDFC Private Equity Fund II.
ABL was started by Mr. Ashok Katariya in 1975. It is based in Nashik, Maharashtra,
and has offices in Gujarat and Madhya Pradesh. Mr. Satish Parakh, Mr. Sunil Raisoni,
and Mr. Narendra Sakhadwipi are the co-promoters of the Company and have all been
with ABL for over 2 decades. ABL execute the first BOT toll road project in Maharastra
and is the first infrastructure provider to receive ISO 9001:2000 certification.
Speaking on the occasion, Ashok Katariya, Chairman, ABL, said, “This investment of
IDFC PE comes at a time when ABL is on the threshold of taking up mega
infrastructure projects across the country. We have already been declared as L1 for
two major projects of over Rs. 1,000 crore under the NHDP. We have a long
relationship with IDFC.”
Prakash Karnik, Executive Vice President, IDFC Private Equity, added, “We have been
very impressed with the way Ashok Katariya and his team has built a solid road
development business, with excellent skills in traffic forecasting and project
completion. We see the road sector as one of the key drivers of India’s growth.”
SSKI Corporate Finance advised ABL on this transaction.
About Ashoka Buildcon (ABL): ABL is amongst the most profitable BOT Toll road
operators and has successfully developed 9 operational toll road projects. The Dhule
town bypass was its first BOT toll road project and also the first in Maharashtra. ABL
has a majority of its BOT Toll road projects in Maharashtra and Madhya Pradesh. The
initial focus of the Company was on turnkey contracts for the construction of
residential, industrial and commercial buildings. ABL has built more than 50 factory
buildings for Indian corporates & MNC’s, 25 residential and commercial buildings, 7.5
million square feet of commercial complexes and more than 450 kilometres of roads
and bridges. The Company diversified into the execution of BOT Toll road projects,
road contracting projects and supply of Ready Mix Concrete (RMC). The Company is
also looking to expand its RMC business in different centres – it currently supplies
RMC in Surat, Indore, Pune and Mumbai.
IDFC Private Equity Company Limited
rd
17, Vaswani Mansion, 3 Floor, Dinshaw Vachha Road, Churchgate, Mumbai 400 020. Phone: 22-2202 0748 ● Fax: 22-220 20798
About IDFC Private Equity (IDFC PE): IDFC PE is the leading private equity
investor in infrastructure in India. It manages funds of Rs. 28,500 million (US$ 630
million). Other investments of IDFC PE include GMR Infrastructure, Gujarat State
Petronet, Chalet Hotels, Hotel Leelaventures (exited), Delhi International Airport, L&T
Infrastructure Developers, Gujarat Pipavav Port, Manipal Health Systems,
International Recreation Parks and Health Care Global. IDFC PE already has exposure
in the road sector through GMR Infrastructure and L & T Infrastructure Developers.
For more details please contact:
ABL:
Mr. Satish Parakh, Managing Director, +91 253 3011705
Mr. Paresh Mehta, General Manager, +91 98222 61812
IDFC Private Equity:
Mr. Luis Miranda, President & CEO, +91 98211 32100
Adfactors Public Relations:
Mr. Hemant Batra, +91 22 2281 3565, +91 98203 25109
IDFC Private Equity Company Limited
rd
17, Vaswani Mansion, 3 Floor, Dinshaw Vachha Road, Churchgate, Mumbai 400 020. Phone: 22-2202 0748 ● Fax: 22-220 20798