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Hindustan Construction Company provides update on arbitral award payment

Capital Market 

Set to receive Rs 2000 crore in arbitral awards within 4-6 weeks

Company has received communications from NHPC and NHAI regarding arbitral award payment. NITI Ayog has given SOP (Standard Operating Procedures) for release of payment for timely implementation. HCC has been asked to reconcile the award within 7 days and thereafter open escrow account and submit bank gurantees within 30 days for recovering the amount. This communication clears the way for HCC for receiving close to Rs 2000 crore within 4-6 weeks.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 17:50 IST