Gayatri Highways’ jointly controlled entity -- Cyberabad Expressways (CEL) has won an Arbitration Award of Rs 243.45 crore in the matter of Arbitration Proceedings between CEL and Hyderabad Metropolitan Development Authority (HMDA)/Hyderabad Growth Corridor (HGCL).
CEL was incorporated for Design, Construction, Development, Operation and Maintenance of Eight lane access controlled Expressways under Phase II A programme as an extension of phase I of Outer Ring Road (ORR) to Hyderabad City, in the state of Telangana, India, for the package from Kollur to Patancheru from Km 12.00 to Km 23.70 on Build, Operate and Transfer (BOT) (Annuity) Basis as per the Concession Agreement dated August 17, 2007 signed with Hyderabad Urban Development Authority and Hyderabad Growth Corridor. CEL has initiated Arbitration under the Clause 39.2 (Arbitration Clause) of the Concession Agreement against HMDA/HGCL with regards to non-payment of First Three Annuities and part of 4th Annuity and also Bonus Annuity.
Gayatri Highways is a core Investment Company promoted by Gayatri Projects. The company operates as construction and investment company with 7 operational BOT Road Projects (SPVs) under it. The Company makes investments in companies engaged in the construction, operation, and maintenance of roads, highways, bridges, and tunnels.
| Company Name | CMP |
|---|---|
| Larsen & Toubro | 4094.95 |
| Rail Vikas Nigam | 303.10 |
| NCC | 161.30 |
| KEC International | 580.10 |
| Kalpataru Projects | 1232.90 |
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