Ashoka Buildcon

We build and operate roads and bridges in India on a build, operate and transfer ("BOT") basis. We believe we currently operate one of the highest number of toll-based BOT projects in India. In addition, to BOT projects, we also (1) engineer and design, procure the raw materials and equipment for and construct roads, bridges, distribution transformers, electricity substations, commercial buildings, industrial buildings and institutional buildings for third parties as well as perform maintenance for third parties, (2) manufacture and sell ready-mix concrete ("RMC"), bitumen and pre-cast concrete poles and (3) collect tolls on roads and bridges owned and constructed by third parties. Our business is organised into four divisions: the BOT divisions; the engineering, procurement and construction ("EPC") division; the RMC and bitumen division; and the toll collection contract division. We can trace our origins back to 1976. Prior to fiscal 1997, we were engaged solely in the engineering and construction of residential, commercial, industrial and institutional buildings. In fiscal 1997, having acquired EPC skills, we also turned our attention to bidding for contracts for toll roads and toll bridges on a BOT basis. We were awarded our first BOT project, the Dhule bypass in Maharashtra, in fiscal 1997 and completed the construction of the road in the same fiscal year. In fiscal 2000 we began manufacturing RMC solely for use by our EPC division. In fiscal 2002 we began to manufacture RMC to sell to third parties as well as for use by our EPC division. In fiscal 2005 we began processing bitumen to a higher grade at our facility in Pune for use in road projects. Having developed systems and procedures for collecting tolls on our BOT projects, including developing our own proprietary computerised toll revenue auditing system, we tendered for and were awarded our first contract to collect the tolls on a road owned and constructed by a third party. In fiscal 2009 we began undertaking EPC work in the power sector when we were awarded a contract by Maharashtra State Electricity Distribution Company Limited for, among other things, the construction and commissioning of sub-transmission lines, distribution lines, power transformers and new sub-stations. In September 2008 we entered into agreements for constructing and developing two shopping malls on a BOT basis. In September 2009 we began manufacturing pre-cast concrete poles. In April 2010, the Government of Maharashtra issued us a letter of allotment for us develop a 1,500 KW per hour hydro electric power plant in Waghur, Maharashtra on a build, own, operate and transfer ("BOOT") basis. Our head office is in Nashik, Maharashtra and our operations currently reach across the states of Maharashtra, Madhya Pradesh, Chhattisgarh, Rajasthan, Karnataka and Orissa. In the past, we have also undertaken work in Gujarat, Goa and Tamil Nadu, Uttaranchal, the National Capital Territory of Delhi and the union territories of Dadra and Nagar Haveli and Daman and Diu.