IRB Infrastructure Developers’ wholly-owned subsidiary - IRB Ahmedabad Vadodara Super Express Tollway (IRBAV) has received Rs 20.55 crore from NHAI, against the bank guarantee submitted by IRBAV as part of 75% of the Arbitral Award amount pronounced by the Arbitral Tribunal.
This is pursuant to the measures approved by the Cabinet Committee on Economic Affairs (CCEA) for revival of the construction sector directing government agencies to pay 75% of the arbitral award amount against Bank Guarantee where government agencies have challenged the arbitral award.
IRB Infrastructure Developers undertakes development of various infrastructure projects in the road sector through several special purpose vehicles.
