Elecon Engineering gets arbitration award worth Rs 37.57 crore

Elecon Engineering Company has received favorable decision from Arbitral Tribunal at Chennai on arbitration award aggregating to Rs 37.57 crore. The Tribunal directed BGR Energy Systems to return the bank guarantees as submitted by the Company.

Earlier, the company had initiated arbitration proceedings before Arbitral Tribunal against BGR Energy Systems for recovery of various dues to the Company.

Elecon Engineering Company is engaged in delivering power transmission solutions and material handling equipment.