RInfra wins arbitration award against NHAI

    Reliance Infrastructure
    An Arbitration Tribunal in its unanimous decision has recently ruled in favor of Reliance Infrastructure and directed NHAI to pay Rs. 16 crore by February 10 and shell out interest at 12 per cent per annum, if the nodal road building agency failed to pay the dues by the deadline. This award is in addition to the Rs.200-crore arbitration favoring RInfra in the same project in August for cost over-run and loss of revenue, the statement said, adding that the current arbitration was due to cost over-run in consultant fees during construction, delayed payment of grant and additional expenses to TD Toll Road Private Ltd (TD Toll Road), a wholly-owned subsidiary of RInfra as NHAI did not reimburse TD Toll Road as per the terms of the Concession Agreement. With this award, Reliance Infrastructure has won a total of six Arbitration Awards amounting to Rs.6,300 crore in cases of Delhi Metro Rail Corporation, Goa Power Plant and NHAI Roads. In addition, Reliance Infrastructure has over Rs.8,000 crore of claims under advanced stages of arbitration for engineering, procurement and construction projects, Mumbai Metro and Roads, the statement added.
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