Reliance Infrastructure (RInfra) has won Rs 200 crore arbitration award against National Highway Authority of India (NHAI). A three member Arbitration Tribunal in its unanimous award on August 31, 2018 has asked NHAI to pay Rs 150 crore by November 29, 2018 to Reliance Infrastructure. NHAI will have to pay interest of 12% per annum (p.a.) on the amount if they do not pay Rs 150 crore by the deadline.
The Tribunal has also awarded Reliance Infrastructure compensation of 13.5% on actual revenue for the loss of revenue suffered due to change in location of toll plaza. This is payable from March 2017 till the end of concession on January 14, 2038. Net present value of this future cash-flow is estimated at over Rs. 50 crore.
RInfra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.
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