Gayatri Projects has received award of an arbitration claim worth Rs 9,143 million, in favour of its JV with IL&FS Engineering & Construction company for the Nagaland Project. The proceeds from the award will be distributed in proportion to the work done by each partner & payment will be released on completion of the court process.
As guided by the company in FY19, Gayatri Projects is focusing its efforts on potentially monetizing its Arbitration awards & claims in order to continue deleveraging its balance sheet. The arbitration award of Rs 9,143 million will accrue an interest of 12% p.a. till realization of payment is done. On finalization of the award claims, bank guarantees by the JV partners, worth Rs 2,400 million will also be released.
Gayatri Projects is the flagship company of the esteemed and well diversified Gayatri Group that has interests in infrastructure, power, hospitality, real estate and industry.
