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Punj Lloyd wins arbitration award against ONGC

Press Trust of India  |  New Delhi 

Engineering and construction firm Wednesday said it has won an award worth over USD 4.98 million (about Rs 34 crore) with respect to a project in

It said the award pertained to Heera Redevelopment Project.

"The Tribunal in the matter of Ltd & Anr vis in respect of Heera Redevelopment Project, has given an award in favor of Limited for an amount of USD 4,985,866.37 with interest @ 9 per cent p.a from due date till the date of payment/ realization," the company said in a filing to the BSE.

It said the award mentions payment of a further amount of USD 17,500 and USD 7,919,661.

"The amount of USD 7,919,661.00 has to be paid within four months from the award otherwise interest @ 12 per cent p.a.will be payable till the payment or realization thereof," the company said without giving details.

Punj Lloyd Group is an international conglomerate offering EPC services in and infrastructure along with engineering and in the defence sector.

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

First Published: Wed, March 13 2019. 22:46 IST