Gammon Infrastructure Projects informs about company updates

05 Jan 2019

Gammon Infrastructure Projects has informed that, Vijayawada Gundugolanu Road Project PrivateLimited (‘VGRPPL’), a wholly-owned unlisted subsidiary of the company, has entered into Settlement-Cum-Closeout agreement (‘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’. Pursuant to the said Agreement, VGRPPL has paid an amount of Rs 18.05 Crores to NHAI on January 4th 2019 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 Crores.

The above information is a part of company’s filings submitted to BSE.

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