IL&FS Transportation Networks’ subsidiary -- Moradabad Bareilly Expressway (MBEL) -- has signed a settlement agreement on various claims filed against the National Highways Authority of India (NHAI) in relation to the work of development, maintenance and management of a highway from Moradabad to Bareilly in the State of Uttar Pradesh (the Project).
Pursuant to the Settlement, MBEL will be paid a claim compensation of Rs 425 crore by NHAI for the losses suffered by it on account of the cost overrun for development of the Project. The Settlement Agreement is not subject to any appeal by NHAI and the disbursement of the compensation amount will be effected by NHAI in due course.
IL&FS Transportation Networks is an India-based surface transportation infrastructure company. The company is a developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance under public to private partnership on build-operate-transfer (BOT) basis.
