The National Highways Authority of India (NHAI) has withdrawn the letter of award to Ashoka Buildcon for a project in Danapur, Bihar, the company said on Tuesday. The contract value for the same was Rs 2,161 crore.
The NHAI had debarred the company because of which the contract was not signed and the letter of award was withdrawn, Ashoka Buildcon said in a regulatory filing to the exchanges.
On January 25, 2023, the NHAI had awarded the project to Ashoka Buildcon of construction of a four-lane elevated corridor and at-grade improvements of the Danapur-Bihta section, at-grade improvements to the four lane section on Danapur side and upgradation of existing two lane carriageway to four lane carriageway of the Bihta-Koilwar section in Bihar.
As per the provisions of the proposal request, the NHAI annulled the bidding process and has invited a fresh bid for the said project.
Ashoka Buildcon said that debarment expired on April 15, 2023, and the company is eligible to participate in all the bids being called by various authorities, including the NHAI.
Shares of Ashoka Buildcon were trading at Rs 86.50 per share, down 1.54 percent, at 1.25 pm on NSE.
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