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IL&FS Engineering & Construction Co receives favourable arbitration award for JV project

Capital Market 

IL&FS Engineering & Construction Co has received an arbitration award in favour of Joint Venture with Gayatri Projects for the Nagaland Road Project, for an amount of Rs.914.3 crore with future interest of 12% p.a. till realisation, with concurrent release of Bank Guarantees which were extended from time to time.

After completion of the court process the realised awarded amount shall be shared between the partners in proportion to the work done

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

First Published: Tue, August 13 2019. 19:01 IST