Man Infra's subsidiary Manaj Tollway to receive Rs380cr arbitral award; Stock ends higher

MTPL is expected to receive within 30 days, an amount of Rs357.79cr plus interest, aggregating to approx. Rs380cr.

Mar 09, 2021 04:03 IST India Infoline News Service

Man Infrasconstruction on Tuesday announced that the Bombay High Court has disposed-off the review petition filed by the Government of Maharashtra, related to an a project involving subsidiary Manaj Tollway Private Limited (MTPL).

In its regulatory filing on Tuesday, Man Infra said, "this is to inform you that the Honorable High Court at Bombay vides its order dated March 5, 2021, has disposed-off the review petition filed by the Government of Maharashtra."

"Accordingly MTPL is expected to receive within 30 days, an amount of Rs357.79cr plus interest, aggregating to approx. Rs380cr," Man Infra added.

The above-mentioned development in respect to an Award of Hon'ble Arbitrator in favour of Manaj Tollway Private Limited (MTPL); a subsidiary of Man Infraconstruction Limited; in connection with the Project being four laning to HadapsarSaswad- Belsarphata SH 64 Km. 9.800 to 42.860 & Belha- Pabal- Uralikanchan- Jejuri- Nira SH 61 Km. 110.00 to 118.00 (Part Hadapsar to Jejuri M.I.D.C.), Taluka Purandar, District Pune on DBFOT basis and the review petition filed by the Government of Maharashtra.

On Sensex, Man Infra closed at Rs43.65 per piece up 1.16%. 

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