Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusiness

Gayatri Projects' JV wins arbitration claim worth Rs 914 cr

"The proceeds from the award will be distributed in proportion to the work done by each partner and payment will be released on completion of the court process," Gayatri Projects said in a regulatory filing.

August 13, 2019 / 01:07 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Highways developer Gayatri Projects on Tuesday said its joint venture (JV) with IL&FS Engineering & Construction Company has won an arbitration claim worth Rs 914.3 crore for a project in Nagaland.

"The proceeds from the award will be distributed in proportion to the work done by each partner and payment will be released on completion of the court process," Gayatri Projects said in a regulatory filing.

Gayatri Projects said it is focusing its efforts on potentially monetising its arbitration awards and claims in order to continue de-leveraging its balance sheet.

"The arbitration award of Rs 914.3 crore will accrue an interest of 12 per cent per annum till realisation of payment is done. On finalisation of the award claims, bank guarantees by the JV partners, worth Rs 240 crore will also be released," the company added.

Gayatri Projects said the company and its JVs have claims outstanding of more than Rs 2,400 crore in different arbitral tribunals/courts.

Shares of Gayatri Projects were trading 1.04 per cent higher at Rs 135.70 apiece on BSE.

PTI
first published: Aug 13, 2019 01:03 pm

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347