Reliance Infrastructure has won a ₹200 crore arbitration award against NHAI for delaying in providing land to TD Toll Road Private Ltd (TD Toll Road), RInfra’s wholly-owned subsidiary building and operating 87-km-long four-lane national highway NH-45 road in Tamil Nadu. In this connection, the delays from NHAI side resulted in cost over-run during construction and change in location of toll plaza from km 360+450 to km 382+850 on NH 45, the company said, adding that the three-member Arbitration Tribunal has on August 31 ordered NHAI to pay ₹150 crore to the private developer by November 29, 2018 and if failed, NHAI will have to pay interest at 12% per annum on the amount. The Tribunal has also awarded Reliance Infrastructure compensation at 13.5% of actual revenue for the loss of revenue suffered due to change in location of toll plaza. This is payable from March 2017 till the end of concession on January 14, 2038 as the net present value of this future cash-flow is estimated at over ₹50 crore.
📅Published on:
05 September 2018
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