Ashoka Concessions (ACL) has secured an Rs13.82bn ($194.12m) highway contract in the Indian state of Karnataka.

In a stock exchange filing, ACL said that it emerged as the lowest bidders for the National Highways Authority of India (NHAI) highway project, which a number of firms were competing.

ACL said: “ACL emerged as the lowest bidder at the financial bid opening meeting held on 21 February 2019 at New Delhi. The quoted bid project cost for the project is Rs1,382 crore.”

The contract is part of four-laning of a 220km-long Tumkur-Shivamogga section of highway, which has been divided into five packages and forms part of Bharatmala project.

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“ACL emerged as the lowest bidder at the financial bid opening meeting held on 21 February 2019 at New Delhi.”

Under the contract, the contractor will be responsible for building 56km highway section from Bettadahalli Shivamogga (Package IV) in Karnataka under hybrid annuity mode (HAM).

In order to construct the highway, the government is offering to provide around 40% of the project cost, while the remaining amount will be invested by the contractor.

Last April, ACL won a contract for an Rs16.87bn ($237m) project from the NHAI for a section of the Vadodara-Mumbai expressway in Gujarat.

The company agreed to build an eight-lane stretch of Vadodara-Mumbai expressway from Ankleshwar to Manubar in Gujarat under hybrid annuity mode.