IL&FS group gets Rs 707-cr claim award for Fagne Songadh Expressway project

The IL&FS group has received approvals for a claim worth Rs 707 crore, for its ILFS- Fagne Songadh Expressway project. With this, total claim approvals for the group now stands at Rs 2,700 crore. "The NHAI Conciliation Committee has approved a claim worth Rs 707 crore for the expressway," said a person with direct knowledge of the development. The person added the approval was given couple of weeks back. The Union ministry of road transport and highways in March 2019 formulated a new set of guidelines for resolution of projects, which were incomplete or stalled for various reasons. The guidelines provided authorities to foreclose the project's concession agreement and pay a compensation based on value of work done or 90 per cent of debt due, whichever is lower. "The project claim has been resolved under these guidelines," the person said.