 "Reliance Infrastructure")
Anil Ambani promoted Reliance Infrastructure has won a Rs 161 million worth arbitration award against National Highway Authority of India (NHAI), the company said in a statement on Tuesday.
The company has won this award in relation to its road subsidiary TD Toll Road Private (TDTRPL) which involves strengthening and widening the Trichy to Dindigul stretch of National Highway (NH) 45 in Tamil Nadu from the existing two-lane to a four-lane one.
"A three-member Arbitration Tribunal in its unanimous award on November 12, 2018 has asked NHAI to pay Rs 161.4 million by February 10, 2019 to Reliance Infrastructure. NHAI will have to pay interest at 12% per annum on the amount if they do not pay Rs 161 million by the deadline," Reliance Infra said in its statement.
The latest arbitration award, the company said, is in addition to the Rs 2 billion arbitration award that the three-member Arbitration Tribunal ordered NHAI to pay to the company for the same project in August this year for cost over-run and loss of revenue.
"The need for current arbitration arose due to cost over-run in Consultant fees during construction, delayed payment of grant and additional expenses due to Change in Law on TD Toll Road Private Limited (TD Toll Road), a wholly owned subsidiary of Reliance Infrastructure, which NHAI did not reimburse as per the terms of the Concession Agreement," the company said in its statement.
This, the company said, will take R infra's total won arbitration awards amount to Rs 63 billion in cases against Delhi Metro Rail Corporation (DMRC), Goa Power Plant and NHAI Roads. "In addition, Reliance Infrastructure has over Rs. 80 Billion of claims under advanced stages of arbitration for engineering, procurement and construction (EPC) projects, Mumbai Metro and Roads," the company said in its statement.
