Welspun Enterprises (WEL) has resolved its long-standing legal dispute with Indian Oil Corporation (IOCL) over the Panipat Naphtha Cracker Project (EPCC-12A Project). The company filed a suit in the Delhi High Court in August 2018, which has now been settled through mediation conducted by the Delhi High Court Mediation & Conciliation Centre.
As per the settlement terms, IOCL will pay the company total Rs 23.67 crore, including a principal of Rs 15.96 crore and interest of Rs 7.41 crore. It is further agreed between the parties that the Settlement Amount shall be paid in full on or before June 14, 2024 and will be accounted in Q1FY25 financials as an income. The agreement is signed on June 06, 2024.
Welspun Enterprises (WEL) (Formerly known as Welspun Projects), part of the Welspun Group, is an operating Company as well as a holding company. The Company’s key activity is in the infrastructure business.
| 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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