Gammon Infrastructure Projects’ wholly owned unlisted subsidiary -- Vijayawada Gundugolanu Road Project (VGRPPL) has entered into Settlement-Cum-Closeout agreement with National Highways Authority of India (NHAI) as an amicable settlement. In connection with the VGRPPL’s project for Six-Laning of Vijayawada-Gundugolanu Section of NH-5 from Km 1076.48 to Km 1022.48 including 6-Iane Hanuman Junction bypass (length 6.72 km) and 4-lane Vijayawada by pass (Length-47.88 km) (Total Length: 103.59 km) in the state of Andhra Pradesh under NHDP Phase V to be executed in BOT (Toll) mode on DBFOT basis.
VGRPPL has paid an amount of Rs 18.05 crore to NHAI towards full and final settlement in respect of all claims, counter-claims and all the various disputes under the Concession Agreement and matters related thereto. Upon receipt of the amount, NHAI has released performance security in the form of a Bank Guarantee given for an amount of Rs 84.20 crore.
Gammon Infrastructure Projects is an infrastructure project development company incorporated by Gammon India, to participate in the development of infrastructure projects on a public private partnership (PPP) basis.
Related Gammon Infrastructure Projects Ltd. Links: