Ashoka Buildcon Ltd has informed to the Bombay stock Exchange (BSE) that the joint venture Macquarie and State Bank of India (SBI) has invested Rs 110 crore ($17.8 million) in a fresh tranche in Ashoka Concessions Ltd.

The fund will be used for equity investment into various under construction projects. The investment has been made by Singapore-domiciled Macquarie SBI Infrastructure Fund (MSIF) and its Indian co-investor SBI Macquarie Infrastructure Trust (SMIT). In August 2012, MSIF had agreed to invest up to $150 million in the company.

Including the current tranche, the fund has invested so far Rs 490 crore (US$80 million) to date and the balance would be invested as per equity requirements of projects under construction.

In February 2013, MSIF invested  in a 74% stake in GMR Jadcherla Expressways Ltd (GJEL). Later, in March 2013, MSIF acquired a 35.6% stake in Trichy Tollway Private Ltd (TTPL) - the concessionaire for a highway expansion project in Tamil Nadu.

Ashoka has also informed that its associate firm Jaora-Nayagaon Toll Road Company Pvt Ltd (JNRL), the SPV for four-laning of Jaora-Nayagaon section, has re-financed an amount of Rs 613 crore (US$101 million) by ICICI Bank Ltd which replaces existing project loan of Rs 540 crore (US$88 million). The investment will help JNRL to reduce interest cost as the rate has been reduced by 90 bps and for repayment of creditors of JNRL.

The project is on DBFOT (toll) basis with a concession period of 25 years, including the construction period.