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

With this, total claim approvals for the group now stands at Rs 2,700 crore

BS Reporter 

ilfs, IL&FS

The 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 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.

First Published: Fri, February 07 2020. 02:38 IST
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