Gayatri Projects: JV wins arbitration claim worth Rs 914 crores
Highways developer Gayatri Projects on Tuesday said its joint venture (JV) with IL&FS Engineering & Construction Company has won an arbitration claim...
Hyderabad: 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.