For Rs 30 lakh
Gammon Infrastructure Projects announced that the Company has completed sale of 3 SPVs, being wholly-owned non-material subsidiaries of the Company, viz., (i) Patna Buxar Highways (PBHL"), (ii) Pataliputra Highway and (iii) Mormugao Terminal (MTL") with a view to rationalize its SPVs structure for an aggregate consideration of Rs. 30 lakh, approved by the Board of Directors by way of resolution passed by circulation on 31 March 2016.These SPVs currently do not have any scope of future activity other than litigation with the clients, in case of PBHL and MTL, for realization of claims / compensation for unilateral termination of the projects. The Company has retained the rights to future claims pending under arbitration which are uncertain and contingent in case of PBHL and MTL.
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