Gammon Infrastructure Projects' subsidiary enters into settlement agreement with NHAI

For Vijayawada-Gundugolanu road project in Andhra Pradesh

Gammon Infrastructure Projects announced that its wholly owned subsidiary, Vijayawada Gundugolanu Road Project, has entered into Settlement-Cum-Closeout agreement ('Agreement') with National Highways Authority of India ('NHAI') as an amicable settlement, in connection with the VGRPPL's project for 'Six-Laning of Vijayawada-Gundugolanu Section of NH-5 from Km 1076.48 to Km 1022.48 including 6-lane Hanuman Junction bypass (length 6.72 km) and 4-lane Vijayawada by pass (Length-47.88 km) (Total Length: 103.59 km) in the state of Andhra Pradesh under NHDP Phase V to be executed in BOT (Toll) mode on DBFOT basis'.

Pursuant to the said Agreement, VGRPPL has paid an amount of Rs.18.05 crore to NHAI today towards full and final settlement in respect of all claims, counter-claims and all the various disputes under the Concession Agreement and matters related thereto. Upon receipt of the amount, NHAI has released performance security in the form of a Bank Guarantee given for an amount of Rs.84.20 crore.

 

Powered by Capital Market - Live News