Gayatri's share in arbitration award to be utilised for reducing debt
Gayatri Projects announced that Sunway Construction SDN. BHD has won Arbitral Award of Rs. 94.92 crore in the matter of arbitration between Sunway Construction SDN. BHD and National Highway Authority of India, with regard to: Rehabilitation and Upgrading of Km 104.00 to 170.000 of NH-25 to 4-lane, configuration in the state of Uttar Pradesh- Package No.EWII-UP-4.Gayatri had acted as nominated official sub-contractor to Sunway Construction and executed upto 45% of the work. Gayatri's share of the arbitration award will be fully utilized towards reducing debt and improving balance-sheet leverage. This is in line with the company's corporate strategy of pushing ahead with an asset-light business model and significantly reducing balance-sheet leverage over next 2 years.
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