Hindustan Construction Company (HCC) will receive arbitral award payment of approximately Rs 2,000 crore from NHPC and NHAI within 4-6 weeks. The company has been asked to reconcile the award amount within 7 days and thereafter open escrow account and submit bank guarantees (BGs) within 30 days for recovering the amount.
NITI Ayog has given the SOP (Standard Operating Procedures) for release of payment for timely implementation. HCC has arbitration awards for Rs 3,427 crore as of September 30, 2016. Further, claims worth around Rs 4,173 crore are in arbitration process.
HCC is a leader in engineering and construction space. The company has established a vast presence and gained recognition in the sectors of Hydro Power, Water Solutions, Transportation and Nuclear Power.
