Mumbai Nasik Expressway (MNEL), Special Purpose Vehicle (SPV) promoted by Sadbhav Engineering and Gammon India, has won an arbitration award unanimously against NHAI amounting to Rs 192.20 crore including interest up to the date of award amounting to Rs 24.79 crore. From the date of award till final payment, MNEL shall receive interest at the rate of 12% pa
As per the Memorandum of Understanding (MOU) between Mumbai Nasik Expressway, Sadbhav Engineering, Gammon Infrastructure Projects and Gammon India dated June 07, 2014, the company is entitled to receive 72% of awarded amount.
Including the above award, company along with its subsidiary Sadbhav Infrastructure Project (SIPL) has won arbitration award in 4 SPVs amounting to Rs 308.42 crore out of which Rs 69.18 crore have been received.
Sadbhav Engineering is one of the largest BOT developers in the road sector in India with good project execution skills. SEL operates in the four distinct business areas in the infrastructure sector viz. BOT road projects, cash contract-based road projects, irrigation projects and mining.