Global economic activity remained resilient in CY2025 despite continued geopolitical tensions, policy uncertainty and trade dynamics. Global output expanded by 3.4% during the year, supported by stable labour markets, sustained services demand and continued investments across technology and manufacturing.
Growth trends, however, remained uneven across regions. Emerging Market and Developing Economies (EMDEs) continued to outperform, recording growth of 4.4% supported by domestic demand, infrastructure spending and production realignment. Advanced economies expanded at a comparatively moderate pace of 1.9% reflecting the impact of elevated interest rates and cautious investment activity.
Inflationary pressures remained relatively contained through most of the year. Global headline inflation stood at 4.1% in CY2025, with advanced economies reporting inflation of 2.5% while EMDEs recorded inflation of 5.2% Although trade disruptions and supply chain realignments created intermittent volatility, global trade activity remained broadly stable as sourcing networks adapted to changing geopolitical realities.
Towards the latter part of the year, renewed geopolitical tensions in the Middle East introduced fresh uncertainty across commodity and energy markets. The full economic impact of these developments is expected to unfold over the coming quarters through their influence on energy prices, trade flows and financial conditions.
The global outlook remains moderate but uncertain. Global GDP growth is projected at 3.1% in CY 2026 and 3.2% in CY 2027, indicating a gradual moderation in economic activity amid tighter financial conditions and geopolitical risks.
EMDEs are expected to maintain stronger momentum, with growth projected at 3.9% in CY 2026 and 4.2% in CY 2027, supported by domestic consumption, infrastructure investments and policy support. In contrast, growth across advanced economies is expected to remain subdued at 1.8% in CY 2026 and 1.7% in CY 2027.
Global inflation is projected to remain elevated in the near term, particularly due to higher prices and supply-side pressures. However, underlying inflationary trends are expected to gradually stabilise over the medium term.
The trajectory of the global economy will continue to depend on geopolitical developments, commodity price movements, trade conditions and the ability of major economies to balance inflation control with growth support. Prolonged disruptions in global trade and energy markets remain key downside risks to the outlook.
(Chart: Global Real GDP Growth Projections (in %))
| Region | CY 2025 | CY 2026* | CY 2027* |
| Global | 3.4 | 3.1 | 3.2 |
| Advanced Economies | 1.9 | 1.8 | 1.7 |
| Emerging Markets and Developing Countries | 4.4 | 3.9 | 4.2 |
| *Projections Source: World Economic Outlook, IMF April, 2026 |
Indias economic outlook remains strong, supported by strong domestic fundamentals, infrastructure investments and continued policy support. Real GDP growth for FY2026-27 is projected at approximately 6.6%, driven by healthy domestic demand, improving rural recovery and sustained public capital expenditure.
Private consumption is expected to remain healthy, aided by stable inflation, improving income levels and supportive fiscal measures. Investment activity is also likely to sustain momentum, supported by high-capacity utilisation, strong credit growth and continued infrastructure spending.
Inflation for FY2026-27 CPI is projected at 4.6%. While geopolitical developments and global energy price volatility remain key risks, easing food inflation, healthy reservoir levels and stable agricultural output are expected to support overall price stability.²
Indias economy continued to demonstrate strong resilience in FY2026, supported by healthy domestic demand, stable macroeconomic fundamentals and sustained public investment. Real GDP growth for the year stood at 7.7%, reinforcing Indias position among the fastest-growing major economies globally.
Growth during the year was driven by continued momentum in consumption and investment activity. Strong domestic demand, improving urban consumption and sustained Government capital expenditure supported economic expansion across sectors. Stable banking and corporate balance sheets, resilient service activity and ongoing policy reforms further strengthened economic conditions.
Inflation remained moderate through most of the year despite volatility in food and energy prices. Retail inflation stood at 3.40% in March 2026², supported by calibrated money measures by the Reserve Bank of India (RBI), easing supply-side pressures and stable demand conditions.
The industrial and construction sectors continued to witness healthy momentum, supported by strong infrastructure spending and project execution. Construction activity grew by 7.4% during the year, reflecting sustained investments across road, railways, urban infrastructure and logistics.
Infrastructure development remained a central pillar of Indias growth strategy. The Government allocated ?11.21 lakh crore towards capital expenditure during FY2025-26, with significant focus on roads, highways, logistics and multimodal connectivity.
(Chart: Indias GDP Growth Rate)
| FY 2025 | FY 2026 | FY 2027* |
| 7.1 | 7.7 | 6.6 |
| *Projected Source: PIB |
Infrastructure continues to play a critical role in Indias economic transformation by improving connectivity, enhancing productivity and supporting long-term industrial and social development. Over the past decade, sustained public capital expenditure has significantly expanded the countrys infrastructure base across transportation, logistics, utilities and urban development.
(Chart IX.1: Government Capex has continued to rise steadily since FY22)
| FY22 | FY23 | FY24 | FY25 | FY26 | FY26 Total (BE) |
| 5.92 | 7.40 | 9.49 | 10.18 | 11.21 | 11.21 |
| Total increase from FY22 to FY26: \u20b95.29 lakh crore (89 per cent) | |||||
| Source: Indiabudget.gov |
Government-led capital expenditure has emerged as a key economic multiplier, with every rupee invested in infrastructure estimated to generate approximately 2.5 to 3.5 times economic output.4 Road infrastructure has witnessed a significant transformation over the years. Programmes such as the Government Pradhan Mantri Gram Sadak Yojana (PMGSY) have substantially improved rural connectivity with over 99.7% of targeted habitations now connected through all-weather roads.5
(Chart: Investment Distribution as per Harmonised Master List of Infrastructure Sectors6)
| Transport and Logistics | Energy | Communication | Water and Sanitation | Social and Commerce | Others |
| 55 | 26 | 7 | 5 | 2 | 5 |
| Source: PIB |
India possesses the worlds second-largest road network, which serves as the backbone of the countrys passenger and freight transportation ecosystem. The sector has evolved significantly in recent years, with focus gradually shifting from pure network expansion towards improving logistics efficiency, corridor integration and operational performance.
The National Highways Authority of India (NHAI) continues to play a pivotal role in driving sectoral growth through accelerated project execution and increased capital deployments. During the year, NHAI exceeded its annual highway construction targets by 15% after deploying a capital expenditure of ?2.44 lakh crore, creating a strong pipeline for future infrastructure development.7
Government Public-Private Partnership (PPP) models have also gained greater prominence in highway development and monetisation. Improved execution capabilities, stronger project structuring and enhanced investor participation have contributed to the expansion of operational expressways and access-controlled high-speed corridors across the country.
Indias network of expressways and corridors has expanded to approximately 3,052 km, while national highways with four or more lanes now extend over 48,568 km. These infrastructure upgrades have significantly enhanced the integration and connectivity between urban, rural, and industrial areas.8
(Chart: Road Network Distribution in India (km))
| National Highways | State Highways | Other Roads | Total |
| 1,46,572 | 1,78,749 | 60,48,260 | 63,73,581 |
| Source: MoRTH report |
Road transport continues to remain the dominant pillar of Indias mobility landscape, carrying nearly 78% of passenger traffic and 66% of freight movement across the country. Alongside this sustained dependence, digital transformation through electronic tolling, real-time monitoring, and AI-powered maintenance systems is steadily improving operational efficiency and traffic management across the network.?
Reflecting strong economic activity and the expanding infrastructure footprint, annual toll collections increased to ?82,342 crore during the year, driven by higher traffic volumes, addition of new toll roads and wider adoption of digital payment systems. This shift is further reflected in FASTag transactions rising to approximately 47,817 lakh transactions, highlighting increasing penetration of electronic toll collection systems and smoother traffic movement across national corridors.¹°
At the same time, continued Government support through higher budgetary allocations towards national highways, expressways, and access-controlled corridors remain a key growth driver for the sector. Backed by a combination of public expenditure, toll monetisation and private participation, sustained investments in logistics infrastructure and last-mile connectivity are expected to further strengthen Indias road network and improve overall logistics efficiency.
Aligned with the Viksit Bharat vision, the Ministry of Road Transport and Highways (MoRTH) is gradually shifting its focus from mere network expansion towards improving road quality, logistics efficiency and overall connectivity standards to enhance the ease of doing business and living. A key part of this strategy is the development of High-Speed Corridors (HSCs), which are targeted to expand to nearly 26,000 km by FY32-33, alongside the upgradation of two-lane roads to four-lane corridors. These improvements have already increased freight speeds to around 50 km/h with a long-term target of 70-75 km/h.
To further alleviate congestion and improve transit efficiency, the ministry is implementing barrier-free tolling through the integration of Automatic Number Plate Recognition (ANPR) technology with FASTag systems. At the same time, greater emphasis is being placed on sustainability through green construction practices and the use of alternative materials. Supported by strong capital investments, faster project execution, and integration under the PM Gati Shakti framework, these initiatives are expected to significantly strengthen network capacity while increasing sectoral revenues from ?55,000 crore to nearly ?1.4 lakh crore over the next two years.¹²
Further supporting this momentum, the Government has outlined a Public-Private Partnership (PPP) pipeline worth approximately ?8.3 lakh crore for the development of nearly 13,400 km of highways over the next three years. The increasing integration of Government funding with private and institutional capital is expected to ensure sustained infrastructure investments while supporting long-term economic growth and connectivity expansion.¹7
Indias roads and highways sector continues to face challenges related to land acquisition and regulatory clearances, which often lead to project delays and cost overruns. Funding requirements for large-scale infrastructure projects also necessitate innovative financing models and greater private sector participation through Public-Private Partnerships (PPPs).
In addition, operational efficiency and long-term sustainability remain key areas of focus due to factors such as road maintenance requirements, increasing urban traffic
The Government of India continues to strengthen investments in the roads sector through flagship programmes such as Bharatmala Pariyojana. Under Phase I of the programme, projects covering approximately 26,425 km have been awarded, of which 22,223 km have already been constructed. The Government is targeting completion of the remaining 4,200 km under the programme by the end of FY 2067-27.¹³
The National Monetisation Pipeline (NMP) 1.0 achieved approximately 89% of its ?16 lakh crore target, mobilising nearly ?5.3 lakh crore during FY 2022-25. Highways and other core infrastructure sectors contributed significantly to this achievement.
The PM Gati Shakti National Master Plan focuses on integrated, multimodal infrastructure planning aimed at improving connectivity, reducing logistics costs and enhancing operational efficiency across the country. Under this framework, 352 projects with an estimated investment of ?16.10 lakh crore have been evaluated. Of these, 201 projects have received approval, while 167 projects are currently under implementation.
Raajmarg Infra Investment Trust (RII or the Trust) holds an initial portfolio of five operational toll road assets through its wholly owned Project SPV, Raajmarg 1 Projects Private Limited, under the Toll Operate Transfer (TOT) model from NHAI. These assets were handed over on 01 April 2026 for a period of 15 years. All five assets form part of the Golden Quadrilateral, one of Indias most strategic national highway networks connecting Delhi, Mumbai, Chennai, and Kolkata through a corridor spanning approximately 5,846 km under the National Highways Development Programme.
The operational assets within the portfolio span approximately 260.198 km across four Indian states- Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka. The asset portfolio comprises:
| Sr. No. | Road Section | State | NH number | Lanes | Length |
| 1 | Gorhar to Barwa Adda | Jharkhand | NH-19 | four/six-lane road | 80.522 km |
| 2 | Chilakaluripet-Vijayawada | Andhra Pradesh | NH-16 | six-lane road | 69.408 km |
| 3 | Chennai Bypass | Tamil Nadu | NH-32 and NH-48 | six-lane road | 32.600 km |
| 4 | Chennai-Tada | Tamil Nadu | NH-16 | six-lane road | 33.000 km |
| 5 | Neelmangla-Tumkur | Karnataka | NH-48 | four/six-lane road | 44.668 km |
The Trust is committed to operational excellence to ensure efficient management of assets with objective to reduce operational cost and maintenance cost and improve traffic flow.
Further Trust is focusing on community engagement initiatives, which support in better alignment with local stakeholder needs, strengthening project sustainability. In parallel, continued emphasis is on regulatory compliance to ensure better risk management.
The adoption of automation and predictive maintenance practices further drives cost efficiencies, improves asset reliability, and mitigates operational risks, reinforcing the Trusts disciplined approach to infrastructure management.
Traffic and Revenue Performance
The revenue profile of the Trusts toll assets is primarily driven by traffic volumes and periodic toll rate revisions, governed by the National Highways Fee (Determination of Rates and Collection) Rules, 2008, as amended from time to time. These regulations provide for an annual toll rate escalation of 3% along with indexation linked to the Wholesale Price Index (WPI), typically reflecting 40% of the prior years WPI increase, subject to approval by the Government of India.
During FY26, the portfolio demonstrated strong operational performance, with a weighted average traffic growth of 12.09 % compared to FY25.
The Trusts SPVs have exhibited consistent performance, supported by effective operational management and resilience in a dynamic operating environment.
| Sr. No. | Asset | Toll Plaza | Avg. Annual Daily FASTag Traffic | Growth % | |
| FY25 | FY26 | ||||
| 1 | Gorhar Barwa Adda section of NH19 (old NH2) | Ganghri Toll Plaza | 10573 | 11024 | 4.26% |
| 2 | Chilakaluripet-Vijayawada section of NH16 | Kaza Toll Plaza Mangalgiri | 34494 | 37124 | 7.62% |
| 3 | Chennai Bypass covering NH-32 and NH-48 | Vanagaram Toll Plaza Surapattu Toll Plaza | 33294 | 39922 | 19.91% |
| 4 | Chennai-Tada section of NH-16 | Nallur Toll Plaza | 22315 | 25379 | 13.74% |
| 5 | Neelmangla-Tumkur section of NH-48 | Kulumapalya toll plaza | 29288 | 33868 | 15.64% |
| Chokkenahalli toll plaza | 37734 | 41495 | 9.97% |
The Trust was listed on 24th March, 2026 and the amount solicited by listing was 6000 crores, out of which 5850 crores was infused into the SPV which was used to pay NHAI as upfront fee as per Concession agreement. Trust has financed its Debt from Punjab National Bank at a highly competitive rate of interest. The Key features of the Debt are as follows:
Tenor of 13 years - Floating Interest Rate - Monthly interest payment and Quarterly Principal Payment
The phased implementation of the Advanced Toll Management System (ATMS), Automatic Number Plate Recognition (ANPR), Multi-Lane Free Flow (MLFF), and a centralised ATMS Command and Control Centre across operational assets, represents a significant transformation in tolling operations. These initiatives are expected to enhance data integrity, transparency, improve operational efficiency, and reduce deployment timelines.
Following the declaration of appointed dates, focused efforts are underway to expedite on-ground implementation of these initiatives.
The internal control framework of Raajmarg Infra Investment Trust is administered by its Investment Manager i.e., Raajmarg Infra Investment Managers Private Limited, through an established governance structure comprising the Audit Committee, Nomination and Remuneration Committee, and Risk Management Committee.
The Audit Committee oversees the adequacy and effectiveness of internal financial controls, audit processes, and financial reporting. The Risk Management Committee is responsible for the identification, assessment, and monitoring of financial, operational, and cybersecurity risks in line with approved risk management policies.
Further, the Trust has implemented a formal framework governing related party transactions to ensure such transactions are undertaken on an arms length basis and in compliance with applicable regulatory requirements.
(Image of India map showing asset locations: R1PPL Toll Plazas, NH-19 Jharkhand, NH-16 Andhra Pradesh, Chennai Bypass Tamil Nadu, NH-16 Tamil Nadu, NH-48 Karnataka)
The portfolio comprises a diversified mix of strategically located highway assets with concession period of 15 years spanning high-growth economic corridors across India. Collectively, these assets benefit from a strong alignment with national freight routes, port connectivity, industrial clusters, and rapidly urbanizing metropolitan regions.
The portfolios strength lies in its exposure to:
Core freight corridors such as the Golden Quadrilateral and Delhi-Kolkata spine Port-led logistics ecosystems, particularly in southern and eastern India Industrial and manufacturing hubs, including automotive, pharmaceuticals, metals, and textiles Urban expansion zones, where highways are transitioning into high-density urban arterials Major national highways and economic corridors ensuring strong long-haul traffic flows Proximity to key industrial clusters across sectors such as steel, coal, auto, pharma, and textiles High share of multi-axle commercial vehicle traffic, reflecting strong logistics and freight demand Port connectivity and trade routes supporting sustained export-import driven cargo movement Linkages to upcoming expressways, ring roads, and industrial corridors enhancing connectivity Structural macro tailwinds including economic growth, industrialisation, urbanisation, and infrastructure development
A significant portion of traffic is driven by multi-axle commercial vehicles, reflecting robust linkage to industrial output and long-haul logistics. Additionally, assets positioned near major ports and economic corridors benefit from sustained cargo movement and export-import activity.
Overall, the portfolio is structurally resilient, supported by diversified demand drivers including economic growth, industrialisation, export activity, urbanisation, and infrastructure development initiatives across regions.
The project roads are supported by a robust Operations & Maintenance (O&M) framework focused on ensuring safety, service quality, and asset longevity. Regular activities include pavement maintenance, pothole repairs, lane markings, signage upkeep, and drainage management to ensure all-weather operability. Safety measures such as crash barrier repairs, illumination checks, and incident response systems are actively maintained. Periodic inspections, vegetation control, and toll plaza efficiency improvements are also undertaken to enhance user experience. These efforts collectively ensure seamless traffic flow, minimize disruptions, and uphold high operational standards across the asset portfolio.
(Image 1: Workers repairing a road) (Image 2: A group of people standing outdoors, with GPS coordinates) (Image 3: A red barricade on a road)
Raajmarg Infra Investment Trust (RIIIT), Indias first NHAI-sponsored publicly listed InvIT, integrates ESG principles into managing its highway assets to drive sustainable operations and long-term value. It leverages technology, digital tolling, and efficient practices to improve traffic flow, reduce emissions, and promote environmental initiatives like plantation and resource conservation.
RIIIT prioritises road-user safety, employee wellbeing, and community development through collaboration with stakeholders, focusing on safe, accessible highways, emergency preparedness, and socio-economic impact in surrounding regions.
Strong governance underpins its operations, with robust oversight, transparency, and disciplined financial management. RIIIT remains committed to embedding ESG across decisions to deliver sustainable growth and value for all stakeholders.
(Image 1: People planting a tree, with GPS coordinates) (Image 2: A group of people standing outdoors, with GPS coordinates)
Reference No.: RVA2627AMBRRN015A
Date: 19 June 2026
Raajmarg Infra Investment Managers Private Limited G5 & 6, Sector-10, Dwarka, New Delhi - 110075
Sub: Executive Summary on Valuation of Raajmarg 1 Projects Private Limited as at 31st March 2026
Dear Sir,
We refer to your letter of award dated 14th November 2025 wherein RBSA Valuation Advisors LLP (RBSA), a registered valuer entity under the Section 247 of the Companies Act, 2013, was appointed by Raajmarg Infra Investment Managers Private Limited (RIIMPL / the Investment Manager), as an independent valuer, as per Regulation 2(zzf) of the SEBI (Infrastructure Investment Trust) Regulations, 2014 (SEBI InvIT Regulations) as at 31st March 2026 (Valuation Date).
In this context, we have issued Report Reference No.: RVA2627AMDRRN015 date 25/05/2026 (RIIIT March 26 Report) for valuation of the Specified SPV, as at the Valuation Date, pursuant to SEBI InvIT Regulations.
You have now requested to provide an executive summary of the RIIIT March 26 Report to assist you for your financial reporting purposes. This letter is not a stand-alone document and should be read in conjunction with RIIIT March 2026 Report for the valuation of the Specified SPV, including the Assumptions and Limiting Conditions stated therein.
Raajmarg Infra Investment Trust (RIIIT or the Trust or InvIT) is registered with the Securities and Exchange Board of India (SEBI) as an infrastructure investment trust under the SEBI InvIT Regulations. Raajmarg 1 Projects Private Limited (R1PPL or the SPV or the Specified SPV) is a wholly owned subsidiary of RIIIT and is incorporated as a special purpose vehicle to operate and maintain the road projects. RIIMPL is acting as the Investment Manager to the Trust, National Highways InvIT Project Managers Private Limited (NHIPMPL) is acting as the Project Manager, National Highways Authority of India (NHAI) is acting as the Sponsor to the Trust and IDBI Trusteeship Services Limited (Trustee) is acting as Trustee to the Trust, within the meaning of the SEBI InvIT Regulations.
R1PPL has entered into concession agreements with National Highways Authority of India for tolling, operation, management, maintenance and transfer of the Specified Projects. NHAI monetised the following five road projects (together referred to as the Specified Projects) through the InvIT (Infrastructure Investment Trust) route with effect from 1st April 2026 for a concession fee of ? 9,583 Cr.:
| Section No. | Name of Section | NH | Total Length (Kms) | Toll Plaza | Start Kms | End Kms |
| 1 | Chilkaluripet-Vijayawada | NH-16 | 69.408 Km | Kaza | 355+000 | 357+342 |
| Chilkaluripet Bypass | 0+000 | 16+499 | ||||
| Chilkaluripet-Vijayawada | 372+038 | 422+605 | ||||
| 2 | Chennai Bypass | NH-32 and NH-48 | 32.600 Km | Vanagaram / Tiruneermalai* and Surapattu | 000+000 | 32+600 |
| 3 | Chennai-Tada | NH-16 | 33.000 Km | Nallur* | 21+400 | 54+400 |
| 4 | Neelmangla-Tumakuru | NH-48 | 44.668 Km | Kulumepalya and | 29+500 | 61+520 |
| Tumakuru Bypass Chokkenahalli | 61+520 | 74+168 | ||||
| 5 | Gorhar-Barwa Adda | NH-19 | 80.522 Km | Kulgo | 320+810 | 400+632 |
| (old NH-2) | (Design - 401+332) |
* As per Traffic Due Diligence report of December 2025, toll plaza at Vanagaram is proposed to be relocated to Tiruneermalai and toll plaza at Nallur Is proposed to be relocated to Durainallur
Source: Information provided by the Management
We have analysed the information provided by/ on behalf of the Investment Manager through broad inquiry, analysis and review but have not carried out a due diligence or audit of such information. We have relied on the explanations and information provided by/ on behalf of the Investment Manager. We have no present or planned future interest in the Sponsor, the Specified SPV or the Investment Manager except to the extent of our appointment as an independent valuer. Our professional fees for the valuation are not contingent upon the values reported herein. Our valuation analysis should not be construed as investment advice specifically, we do not express any opinion on the suitability or otherwise of entering into any financial or other transaction with the Trust, the Specified SPVs or the Investment Manager.
Our valuation analysis must be considered as a whole. Selecting portions of our analysis or the factors we considered, without considering all factors and analysis together could create a misleading view of the process underlying the valuation conclusions. Valuation is a complex process and is not necessarily susceptible to partial analysis or summary description. Any attempt to do so could lead to undue emphasis on any particular factor or analysis.
The Investment Manager had appointed Traffic and Technical Consultants to carry out Traffic study for estimation of toll revenue and Technical study for estimation of operating and maintenance expenses and major maintenance expenses respectively, for each of the Specified Road Projects over the respective concession period of 15 years ending 31st March 2041. We have relied upon the Traffic Due Diligence Reports provided by the Traffic Consultant and Technical Due Diligence Reports provided by the Technical Consultants, on the Specified Projects, for the Valuation of the Specified SPV.
Operating revenue for the Specified Road Projects/SPV for the forecast period from 1st April 2027 to 31st March 2041 (the Projected Period) have been estimated by the Management considering inter-alia projected Tollable traffic for the Specified Projects as per the Traffic Due Diligence Reports dated December 2025 of the Traffic Consultants appointed by the Trust.
Tollable Traffic growth has been projected by the Traffic Consultants considering inter-alia historical traffic trends, economic growth, road network developments and other demand drivers. The projections also incorporate existing toll collection arrangements with NHAI and relevant contractual provisions relating to traffic variations, capacity augmentation, and concession period adjustments. Tollable Traffic growth (in terms of CAGR) is summarised below. For further details, refer Traffic Due Diligence Reports.
| Particulars | Tollable Traffic Growth (FY2027-FY2041) |
| Chilakaluripet - Vijayawada | 2.0% |
| Chennai Bypass | 6.1% |
| Chennai - Tada | 3.7% |
| Neelamgala - Tumakuru | 1.7% |
| Gorhar-Barwa Adda | 2.6% |
Source: Traffic Due Diligence Report; RBSA Analysis
Toll rates have been estimated for the forecast years as per the National Highway Fee (Determination of Rates and Collection) Rules, 2008 and amendment thereto. WPI inflation factor for FY26-27 have been considered at 0.96% based on the final WPI data for December 2025 published by the Government of India. The Management has considered a long-term forecast of WPI annual growth rate of 3.54% based on circular related macro-economic assumptions considered by NHAI while deciding an Initial Estimated Concession Value (IECV) i.e. average of past WPI growth trend for last 10 calendar years - for 2026, available on the web portal of NHAI
Toll Revenue growth for FY2027 to the last full financial year before end of the concession end date i.e. FY2041 (interalia based on Tollable Traffic projected by the Traffic Consultants and Toll rates based on WPI inflation estimate) is summarised below.
| Particulars | Toll Revenue Growth (base year FY2027) |
| Chilakaluripet - Vijayawada | 6.2% |
| Chennai Bypass | 10.7% |
| Chennai - Tada | 9.0% |
| Neelamgala - Tumakuru | 8.1% |
| Gorhar-Barwa Adda | 7.0% |
Source: Management Projection; Traffic Due Diligence Report and RBSA Analysis
Operating expenses, including routine maintenance, major maintenance, project management, insurance, and administrative expenses, have been projected based on technical due diligence studies, historical trends, contractual arrangements, and Management estimates.
1M Expenses and Trust Expenses have been estimated by the Management considering the terms of the agreements entered into with the Investment Manager and the Trust.
Maintenance and capital expenditure obligations under existing EPC, HAM, and O&M contracts have been considered in accordance with the respective agreements. Depreciation and amortisation have been estimated over the concession period based on projected revenues, while tax expenses have been computed using applicable tax rate. Working capital requirements have been assumed to be immaterial given the nature of toll road operations.
The Discounted Cash Flow (DCF) method under the Income Approach has been adopted for the Enterprise Valuation of the Specified SPVs. Free Cash Flow to Firm method under DCF has been applied based on the projected financial statements of the Specified SPV provided by the management of RIIMPL (the Management). The Enterprise Value has been computed on a going concern value premise. by discounting the projected free cash flows to the firm beginning from 1st April 2026 until the end of the concession periods of the Specified Projects, using an appropriate Weighted Average Cost of Capital (WACC).
The Enterprise Valuation of the Specified SPV as of 31st March 2026 has been carried out considering inter-alia Traffic Due Diligence Reports and Technical Due Diligence Reports of Traffic and Technical Consultants respectively, Business plan/Projected financial statements of the Specified SPV and other information provided by/on behalf of Management, industry analysis and other relevant factors.
The Valuation summary of Specified SPV as of 31st March 2026 is as follows:
| Particulars | WACC | Enterprise Value (\u20b9 Cr) |
| Enterprise Value of Specified SPV | 9.80% | 9,665.7 |
This letter is not a stand-alone document and should be read in conjunction with our RIT March 2026 Report for the valuation of the Specified SPV, including the Assumptions and Limiting Conditions stated therein.
Thank you
For RBSA Valuation Advisors LLP, (RVE No.: IBBI/RV-E/05/2019/110)
Name: Ravishu Vinod Shah Designation: Partner Asset Class: Securities or Financial Assets (RV No.: IBBI/RV/06/2020/12728)
Raajmarg 1 Projects Private Limited (Project SPV or R1PPL), entered into Five concession agreements with the National Highways Authority of India (NHAI) on 17th March 2026 for the tolling, operation, maintenance and transfer of five (5) National Highways projects. The aggregate concession value of these agreements is ?9,500 crore and Supplementary Concession Agreement of ?83 crores, with a concession period of 15 years commencing from the Appointed Date. The Appointed Date for all five projects were 1st April 2026.
The details of the Project Asset Roads are provided below:
| S. No. | Name of Asset | Concession | Acquisition Cost (\u20b9 In Cr.) | Concession Period |
| 1. | Gorhar-Barwa Adda | National Highways Authority of India (NHAI) | 1446.59 | The Project SPV (R1PPL) of |
| 2. | Chilkaliuripeta-Vijayawada | National Highways Authority of India (NHAI) | 2108.68 | Raajmarg Infra Investment Trust (RIIIT) acquired rights for Tolling, Operation, Maintenance and Transfer for a period of 15 years. |
| 3. | Chennai Bypass | National Highways Authority of India (NHAI) | 2552.74 | |
| 4. | Chennai-Tada | National Highways Authority of India (NHAI) | 1460.71 | |
| 5. | Neelamgala-Tumkur | National Highways Authority of India (NHAI) | 2014.35 |
Pursuant to Regulation 10 of the SEBI InvIT Regulations, the Trusts NAV was determined based on the valuation carried out by RBSA Valuation Advisors LLP (Registration No.: IBBI/RV-E/05/2019/110) and disclosed as part of the Audited Financial Information filed with NSE and BSE on 25th May, 2026. The valuation report assessed the Total Enterprise value of the Specified SPV at ?9655.7 crore. Based on the valuation, the Net Asset Value Per Unit of the Trust was computed at ?100.72 per unit.
The detailed valuation report for the Financial Year ended 31st March 2026, is also available on the website of the InvIT at https://raajmarginfratrust.in/solutions/investor-relations/
During the period, the Trust was sanctioned a term loan facility of ?4,067.00 Cr. from Punjab National Bank, of which ?3,733.07 Cr. was disbursed and utilised towards funding Project SPVs, payment of concession fees to NHAI. The facility carries an interest rate of 6.75% per annum and is repayable in 52 quarterly instalments from 30th June, 2026 to 31st March 2039.
Details of external borrowings availed & repaid, on standalone and consolidated basis, during FY 2025-26, are as follows:
Standalone:
| Particulars | Opening Balance F.Y. | Loan availed during the period | Loan repaid during the period | Closing Balance | Closing Balance 31st March 2026 |
| Borrowings from Domestic \u2013 Banks/Financial Institutions (including term loans) | 0.00 | 3,733.07 | 0.00 | 3,733.07 | |
| Non-Convertible Debentures (NCDs) | 0.00 | 0.00 | 0.00 | 0.00 | |
| Non-Convertible Preference Shares (NCRPs) | 0.00 | 0.00 | 0.00 | 0.00 | |
| External commercial borrowing (ECBs) | 0.00 | 0.00 | 0.00 | 0 | |
| Commercial Papers (CP) | 0.00 | 0.00 | 0.00 | 0 |
Consolidated:
| Particulars | Opening Balance F.Y. | Loan availed during the period | Loan repaid during the period | Closing Balance | Closing Balance 31st March 2026 |
| Borrowings from Domestic \u2013 Banks/Financial Institutions (including term loans) | 0.00 | 3,733.07 | 0.00 | 3,733.07 | |
| Non-Convertible Debentures (NCDs) | 0.00 | 0.00 | 0.00 | 0.00 | |
| Non-Convertible Preference Shares (NCRPs) | 0.00 | 0.00 | 0.00 | 0.00 | |
| External commercial borrowing (ECBs) | 0.00 | 0.00 | 0.00 | 0.00 | |
| Commercial Papers (CP) | 0.00 | 0.00 | 0.00 | 0.00 |
During the year, Care Ratings Limited and India Ratings & Research reaffirmed the Trusts Issuer Rating and Long-Term Bank Facilities rating at, Care AAA/Stable and IND AAA/Stable, reflecting its assessment of the Trusts strong credit profile and stable outlook. The details of the rating reaffirmation as communicated by the rating agencies are available on the website at https://raajmarginfratrust.in/solutions/investor-relations/
| Rating Agency | Care Ratings Limited | India Ratings & Research |
| Rating Assigned | Care AAA | IND AAA |
| Outlook | Stable | Stable |
| Instrument Type | ||
| - Issuer Rating | 0.00 | 0.00 |
| - Long Term Bank Facilities | 4,000.00 Cr. | 4,000.00 Cr. |
e. Sponsor, Investment Manager, Trustee, valuer, directors of the Trustee or Investment Manager or sponsor, etc.
There have been no changes in the Sponsor, Investment Manager, or Trustee of the Trust. However, Mr. Ashish Kumar Singh, Director of Investment Manager has resigned w.e.f. 31st March 2026.
f. Clauses in trust deed, investment management agreement or any other agreement entered into pertaining to activities of InvIT
No changes in Trust Deed, Investment management agreement or any other agreement entered into pertaining to activities of InvIT.
g. Any regulatory changes that has impacted or may impact cash flows of the underlying projects
There have been no regulatory changes that in the opinion of the management could impact the cash flows of the underlying project.
h. Change in material contracts or any new risk in performance of any contract pertaining to the InvIT
There have been no change in any material contract or any new risk in the performance of any contract pertaining to the InvIT.
i. Any legal proceedings which may have significant bearing on the activities or revenues or cash flows of the InvIT
There have been no legal proceedings which have a significant bearing on the activities or revenues of cash flows of the InvIT.
j. Any other material change during the year
During the period under review, there were no material changes affecting the Trust, other than those already disclosed in this Annual Report, on the Trusts website, and to the Stock Exchanges.
Except as stated in this section, there are no material litigations and actions by regulatory authorities, in each case against the Trust, the Project SPV, the Sponsor, the Investment Manager, the Project Manager or any of their respective Associates and the Trustee as on 31st March 2026.
There are no pending criminal, regulatory or other material litigations involving the Trust as on 31st March 2026.
NHAI, in its capacity as the concessioning authority, has filed a petition dated 24th August 2012 before the High Court of Delhi (challenging the award of the arbitral tribunal passed on 21st March 2012) against Hindustan Construction Company in relation to the contract agreement dated February 26, 2005 for construction of Chennai Bypass Phase-II connecting NH-4 & NH-5 and widening of Chennai Bypass Phase-I connecting NH-45 & NH-4 in the State of Tamil Nadu. The claims challenged are determination of additional costs incurred for piling works due to change in the sequence of piling, and reimbursement of additional costs incurred on account of change in norms for bonus payment to workers and introduction/increase of service tax due to subsequent legislation. The amount challenged before the High Court of Delhi is ?217.30 million. The matter is currently 247 pending.
NHAI, in its capacity as the concessioning authority has filed a petition dated 27th April 2022 before the High Court of Delhi (challenging the award of the arbitral tribunal passed on 05th June 2013) against Hindustan Construction Company in relation to the contract agreement dated 26th February 2005 for construction of Chennai Bypass Phase-II connecting NH-4 & NH-5 and widening of Chennai Bypass Phase-I connecting NH-45 & NH-4 in the State of Tamil Nadu. The claims challenged include determination of rates for a new item of 40 mm thick bituminous concrete (treated as variation) and reimbursement of additional costs incurred during the extended contract period due to delays not attributable to the contractor, covering overheads, equipment charges, labour costs, financing charges, loss of profit, and uncovered escalation on materials and fuel. The amount challenged before the High Court of Delhi is ?1,505.34 million. The matter is currently pending.
NHAI, in its capacity as the concessioning authority has filed a petition dated November 13, 2024, before the High Court of Delhi (challenging the award of the arbitral tribunal passed on 12th August 2024) against MEP Chennai Bypass Toll Road Private Limited in relation to the concession agreement for operation and maintenance of Chennai Bypass (Km 0.00 to Km 32.600) on operate, maintain and transfer basis in the State of Tamil Nadu. The claims challenged relate to non-remittance of concession fee, non-completion of project facilities, noncompliance with maintenance obligations, interest amount, and costs. The amount challenged before the High Court of Delhi is ? 2,776.22 million. The matter is currently pending.
MEP Chennai Bypass Toll Road Private Limited has filed a petition dated 1st January 2025 before the High Court of Delhi (challenging the arbitral award passed on 14th August 2024) against NHAI in relation to the concession agreement for operation and maintenance of Chennai Bypass (Km 0.00 to Km 32.600) on operate, maintain and transfer basis in the State of Tamil Nadu. The claims relate to compensation for losses due to failure to notify correct user fee and exclusion of Maduravoyal Junction Structure in fee notification, losses due to toll evasion through illegal/unplanned entry and exit points, loss of future business, reimbursement of costs for maintaining collaterals in the form of bank guarantees, interest for pre-award and post-award periods, and costs incurred in the proceedings. The amount involved is ? 301.55 million. The matter is currently pending.
DBL Gorhar Khairatunda Highways Private Limited. has initiated arbitration proceedings against NHAI under Society for Affordable Redressal of Disputes (SAROD) in relation to six-laning of Gorhar to Khairatunda section of NH-2 (Km 320.810 to Km 360.300) in the State of Jharkhand. The claims relate to compensation for delayed and withheld payments including milestone and change of scope works, reimbursement of expenses for extension of performance bank guarantee, compensation for additional costs due to change in law (royalty rates and fuel taxes), release of withheld annuity and O&M payments due to incorrect CPI index application, and interest on delayed payments. The amount involved is ? 1,558.21 million. The matter is currently pending.
Mushtafa Khan, Jinesh Kumar Jain, K. Anjan Kumar, Doddahanumaiah, Sri Siddalingaswamigalu and 147 other landowners have initiated arbitration proceedings against NHAI in relation to Neelmangla to Tumkur section of NH - 48 (Km 30.00 to Km 75.00) in the state of Karnataka. NHAI had acquired land and fixed compensation as per the right to fair compensation and transparency in Land Acquisition and Rehabilitation and Resettlement Act, 2013. The claims in the arbitration proceedings relate to enhancement of compensation for the acquired land. The matters are currently pending.
There are no pending criminal, regulatory or other material litigations against the Project SPV as on 31st March 2026.
There are no pending criminal litigations involving the Sponsor as on the date of the Final Placement Memorandum
An application was filed by Amresh Singh against Union of India and others including NHAI before the National Green Tribunal (Tribunal) alleging the rampant dumping of soil by NHAI contractors directly in the river Chenab and Tawi without prior environmental clearance. After considering all the documents placed on record, while referring the report of Monitoring Committee, the Tribunal was not satisfied with the actions taken by NHAI, and accepted the recommendations of the Monitoring Committee and directed the J&K Pollution Control Board to take appropriate actions in consultation with CPCB against the names mentioned in the report of the Monitoring Committee. The Bench also directed NHAI to take strict actions against the non-compliant contractors and sub-contractors at the HQ level. The matter is currently pending.
An application was filed before the National Green Tribunal Principal Bench, New Delhi regarding the Ghazipur Dump Site and the environmental problems that are caused due to the unsegregated, un-recycled large mountain of dump. The Sponsor was not a party to these proceedings till 2017 and East Delhi Municipal Corporation (EDMC) had been exploring the implementation of a project to undertake the removal and processing of the municipal solid waste dumped at the site. In view of the same, the EDMC held discussions with the Sponsor for use of solid waste for construction of embankments in the expansion of NH-24 or other National Highway projects undertaken by the Sponsor. In view of our role, we were impleaded in the case in 2017. The matter is currently pending.
The following material civil cases are initiated by Contractors/Concessionaires (hereinafter mentioned as the Claimant) against the Sponsor in relation to various projects across India:
Arbitrations Matters - 132 Cases where Contractor is claimant involving claimed amount of ? 99,291 Crores and Counter-claim amount of ? 54,760 Crores
Madhucan Projects Ltd. (Barasat Krishnagar Expressway Limited) has initiated arbitration proceedings against the Sponsor in relation to Barasat-Krishnagar Section BOT (Annuity) in the State of West Bengal. The claims filed by the Claimant for loss due to interest on debt, loss due to interest on equity infused into the project, losses due to idling/underutilisation of machinery and equipment, losses due to idling/underutilisation of manpower, losses due to miscellaneous expenditure incurred at site, compensation due to delay in handing over of site, losses due to price escalation on the works already executed, losses due to expenses incurred on the works executed, loss of overheads and profit and total termination payment. The Claimant has raised a claim for ? 19001.4 million. The Sponsor has also filed counter claims against the Claimant for ? 10,606.80 Million. The matter is currently pending.
M/s GVK Deoli Kota Expressway Private Limited has initiated arbitration proceedings against the Sponsor in relation to design, construction, development, finance, operation and maintenance of four laning of Deoli- Kota Section of NH-12 from Km 165.000 to Junction of NH-76 on Kota Bypass (approx. length 83.04 Kms) in the State of Rajasthan on BOT(Toll) project on DBFOT pattern under NHDP phase-II. The claims filed by the Claimant for claim on account of prolongation costs and extended stay at the site, loss suffered on account of additional overhead and loss of profit, loss of toll revenue, claim on account of increase in cost of the project due additional works done by the Claimant owing to the change of scope, claim on account of additional expenses incurred by the Claimant towards tunnel work, claim on account of excessive repair and prolonged maintenance duration of existing road, claim on account of the Respondent in making the termination payment and claim on account of future loss to Claimant. The Claimant has raised a claim for ? 60130.00 Million. The Sponsor has also filed counter claims against the Claimant for ? 7,495.00 million. The matter is currently pending.
M/s Bareilly Highways Project Limited has initiated arbitration proceedings against the Sponsor in relation to four laning of Bareilly-Sitapur section of NH-24 from Km 262.000 to Km 413.200 (approx. 151.200km) in the State of Uttar Pradesh under NHDP Phase-III of DBFOT basis (Ref. 2) on BOT basis. The claims filed by the Claimant were in relation to claim for additional interest on debt beyond SPCD (i.e. between 23rd August 2013 to 31st January 2019), interest for additional interest on debt beyond SPCD, claim for interest due on additional promoters contribution infused in the project, claim for interest due on delay release of grant, claim for expenses incurred by SPV company beyond SPCD, claim for interest for cost of land compensation, claim for net revenue loss from SPCD till 31 January 2019, interest for net revenue loss from SPCD till 31 January 2019, claim for interest on excess 50% independent engineering cost debit by the Sponsor, claim for reimbursement of GST on regular EPC invoices- change of law, claim for interest on claim of GST on change of scope & utility shifting, claim for direct expenses incurred by EPC contractor beyond SPCD, claim for plant and machinery rental/rehandling for extended period, claim for interest for plant and machinery/ rental/rehandling for extended period, claim for price escalation during the extended period, claim for interest for price escalation during the extended period, claim for expenses incurred on change of scope/variation items, claim for interest for change of scope/variation items, claim for additional transportation cost due to ban in local mining at sites, claim for interest for additional transportation cost due to ban in local mining at sites. The Claimant has raised a claim for ? 5450 million. The Sponsor has also filed counter claims against the Claimant for ? 12594.3 million. The matter is currently pending.
Ms Tantia Raxaul Private Limited has initiated arbitration proceedings against the Sponsor in relation to two laning with paved shoulder of Pioprakothi to Raxaul Section of NH-28A from Km 0.600 to Km 62.064 in the state of Bihar. The claims filed by the Claimant were in relation to claim for termination payment for default of respondent, claim for non-finalisation of location and correct notification for toll plaza (along with interest at the rate of 18%), claim for delay in handover for land/ right of way/ site (along with interest at the rate of 18%), claim for additional interest during construction on account of extended construction period, claim for increased distance/lead for stone aggregate, claim for inflation/ price escalation (along with interest at the rate of 18%), claim for additional cost of maintenance, claim for increased overheads of concessionaire (along with interest at the rate of 18%), claim for increased overheads of EPC contractor (along with interest at the rate of 18%), claim for idling/underutilisation of plant, machinery & equipment, and claim for loss of profits of EPC contractor. The Claimant has raised a claim for ? 9,861.70 million. The Sponsor has also filed counter claims against the Claimant for ? 2,513.80 million. The matter is currently pending.
Ms Haridwar Highways Project Limited has initiated arbitration proceedings against the Sponsor in relation to the four laning of Muzaffarnagar-Haridwar Section from Km 131.00 to Km 211.000 of NH-28 in the state of UP and Uttarakhand under NHDP Phase-II as BOT (Toll) on DBFOT pattern. The claims filed by the Claimant
were in relation to financial expenses incurred by the Claimant beyond the scheduled commercial operation date till February 2019, interest payable on compensation for delay in handing over of the land form from appointed date till February, 2019, interest due on delay towards release of grant from 7th February 2013, up to February, 2019, claim for reimbursement of GST on regular bills/invoices of the Claimant from July, 2016, claims for expenses incurred by the Claimant on rentals of plants and machinery beyond SCOD, claims for expenses incurred by the Claimant on rentals of plants and machinery beyond SCOD till February 2019, claim for expenses incurred by the Claimant due to price escalation beyond the SCOD up to February 2019, additional transportation cost due to ban on mining at sites, claim for direct expenses incurred beyond SCOD up to February 2019, expenses incurred on existing road maintenance beyond SCOD and claim on account of amount recovered for Dehradun Highway Project Limited. The Claimant has raised a claim for ? 32692.1 million. The Sponsor has also filed counter claims against the Claimant for ? 27019.89 million. The matter is currently pending.
Ms Ranchi Expressway Limited has initiated arbitration proceedings against the Sponsor in relation to the four laning of Ranchi- Rargan-Jamshedpur Section from Km 114.00 to Km 277.500 of NH-33 in the State of Jharkhand on BOT(Annuity) basis under NHDP Phase-II. The claims filed by the Claimant were in relation to payment towards value of work done, amount payable towards maintenance of existing road, refund of amount expended on interest during construction, compensation payable due to delay in handling over of land, extra expenditure due to escalation of cost of work done, loss incurred due to idling of machinery due to prolongation of project, loss of overheads due to prolongation of project, loss of overheads and profits on value of work done due to illegal termination and claim for amount of revenue loss (loss of annuity). The Claimant has raised a claim for ? 89402.50 million. The Sponsor has also filed counter claims against the Claimant for ? 26471.1 million. The matter is currently pending.
Ms Millennium City Expressways Pvt. Ltd. has initiated arbitration proceedings against the Sponsor in relation to the 8/6 lane highway from Km.14.300 to km.42.000 at Delhi-Gurgaon section of NH-8 on BOT basis. The claims filed by the Claimant were in relation to the Loss of profit on account of closure of the Km. 24 Toll Plaza (such amount calculated until 24.06.2021), Loss of profit on account of commissioning of the competing/alternate road facilities alternatively, extend Concession Period by a period of ninety four (94) months, Loss of profit suffered due to failure to provide requisite security at the Main Toll Plaza, thereby resulted in loss of toll revenue from the residents of nearby 31 villages, Various works carried out by the Claimant as change of scope, which were over and above the Project Agreements, payment for which remains pending despite the Claimant having already completed such additional works, Compensation/extension due to Demonetization, Compensation/extension due to Pandemic/Covid, On account of additional compliance with the Joint Action Plan that was over and above the Project Agreements. The Claimant has raised a claim for ? 36099.7 million. The Sponsor has also filed counter claims against the Claimant for ? 10200 million. The matter is currently pending.
M/s AE Tollway Ltd. has initiate arbitration proceedings against the Sponsor in relation to the 6-laning of Agra-Etawah Bypass Section of NH-2 from km. 199.660 to km, 323.525 under NHDP Phase-V in the State of UP on BOT (Toll) basis. The claims filed by the Claimant were in relation to the Additional cost incurred towards Interest during Construction (IDC) for the delayed Period, Additional direct cost incurred during the delayed period, Fixed Overhead (FOH) payable to EPC Contractor, Escalation cost. The Claimant has raised a claim for ? 13179.80 million. The Sponsor has filed a Counter-claims of ? 11875.10 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Pink City Expressway Pvt. Ltd. has initiate arbitration proceedings against the Sponsor in relation to the 6 laning of Gurgaon-Kotputli-Jaipur Section of NH-8 from Km 42.700 to Km 273.00 (Length 225.60 Km.) in the State of Haryana & Rajasthan to be executed as BOT (Toll) on DBFOT pattern under NHDP PH-V. (Ref-lll). The claims filed by the Claimant were in relation to the delay in handing over of ROW, idle of resources deployed in the way of man power, towards machineries, plant and equipment beyond the date of completion. The Claimant has raised a claim for ? 66320 million. The Sponsor has filed the Counter-claims of ? 149310 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
KMToll Road Private Limited has initiated arbitration proceedings against the Sponsor in relation to the Construction, operation and maintenance of National Highway No. 8A extension including section from km 0.00 to km 71.40 (approximately 71.40 km) on the Gandhidham (Kandla) - Mundra Port section of National Highway No. 8A Extension in the state of Gujarat by Four-Laning and subsequent Six-Laning thereof on design, build, finance, operate and transfer (DBFOT) basis. The claims filed by the Claimant for declaration for valid termination of the Concession Agreement by the Claimant, Termination Payment, refund to the Claimant of sum wrongfully deducted purportedly towards non-compliance of Punch List items, pay towards Change in Law etc. The Claimant has raised a claim for ? 18730.00 million. The Sponsor has filed the Counter-claims of ? 1572.40 million against the Claimant. The matter is currently pending before the Arbitral Tribunal. towards Change in Law etc. The Claimant has raised a claim for ? 18730.00 million. The Sponsor has filed the Counter-claims of ? 1572.40 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Gorakhpur Infrastructure Co. Pvt. Ltd.has initiated arbitration proceedings against the Sponsor in relation to Design construction Finance Operation and Maintenance of Km.0.000 to Km.32.270 of Gorakhpur Bypass on NH-28 (existing Km.255.700 to Km.279.800) in the State of Uttar Pradesh on BOT (Annuity) basis. The Claimant has raised a claim for ? 12373 million. The Sponsor is yet to file the Counter-claim against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Raebareilly Allahabad Highway Private Limited. has initiated arbitration proceedings against the Sponsor in relation to Two Laning with Paved shoulder of Raebareli to Alahabad section of NH-24B from km.82.000 to km.188.600 in the state of Uttar Pradesh through Public Private Partnership on Design, Build, Finance, Operate and Transfer on the Toll Basis under NHDP-IVA. The Claimant has raised a claim for ? 6842.40 million. The Sponsor has filed the Counter-claim of ? 315340 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Solapur Tollways Pvt. Ltd. has initiated arbitration proceedings against the Four laning of Solapur- Mah/Knt border Section of NH-9 from Km.249+000 to Km.348.800 in the State of Maharashtra is being executed on DBFOT basis. The Claimant has raised a claim for ? 8260.6 million. The Sponsor has filed the Counter-claim of ? 8100.00 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Solapur Yedeshi Tollway Ltd has initiated arbitration proceedings against the Four laning of Solapur- Yedeshi section of NH-21 from km.0.000 to km 100.000 (Design Length -98.717 km) in the state of Maharashtra to be executed for BOT (Toll) on DBFOT pattern under NHDP Phase IV. The Claimant has raised a claim for ? 7900.00 million. The Sponsor has filed the Counter-claim of ? 1400.00 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Kishangarh Gulabpura Tollway Ltd has initiated arbitration proceedings against the Six Lanning of Kishangarh to Gulabpura Section of NH 79A and NH 79 in the State of Rajasthan (Length 90.000 KM) on DBFOT (Toll) IRB-ARBITRATION Ref NO.3. The Claimant has raised a claim for ? 8689.60 million. The Sponsor has filed the Counter-claim of ? 3560.00 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
JR Toll Road Pvt. Ltd. has initiated arbitration proceedings against the Sponsor in relation to the Design, Engeneering, Construction, Development, Finance, Operation and Maintainance of Jaipur to Reengus Section of NH- 11 (KM 246.300 to Km 298.075) in the state of Rajasthan under NHDP Phase- Ill on Design, Build, Finance, Operate and Transfer (DBFOT) Basis. The claims raised by the Claimant amount to ? 8440 million. The Sponsor has also filed counter claim for ? 8210 million. The matter is currently pending.
M/s Simplex Infrastructures Ltd initiated arbitration proceedings against the Sponsor in relation to the Rehabilitation and up-gradation to 4-laning of NH-31D from Km 113+200 to Km 154+854 (Pkg-2A) Falakata-Salsalabari Section in the State of West Bengal on EPC Basis. The claims raised by the Claimant amount to ? 9000 million. The Sponsor has filed the counter claim of ? 8434.5 million. The matter is currently pending before the Arbitral Tribunal.
M/s Gayatri Projects limited initiated arbitration proceedings against the sponsor in relation to Rehabilitation and up-gradation of Cuttack-Angul section of NH-42 (New NH-55), Package II to 4-lane (Km 60.200 to Km 112.00) on EPC Basis. The claims raised by the claimant ? 4200 million. The sponsor has filed the counter claim of ? 4246 million. The matter is currently pending before the Arbitral Tribunal.
M/s Binjhabahal to Telebani initiated arbitration proceedings against the sponsor in relation to M/S BINJHABAHAAL TO TELEBANI SECTION KM 414TO KM 491 OF NH6 NEW NH49 HIGHWAY PVT LTD. The claims raised by the claimant ? 80.5 million. The sponsor has not filed the counter claim yet. The matter is currently pending before the Arbitral Tribunal.
Ceigall India Ltd. initiated arbitration proceedings against the sponsor in relation to Construction of four lane Greenfield Delhi-Amritsar-Katra Expressway (Pkg-07) from Junction with Patala-Bathinda road (NH-7) near Bhawanigarh to Junction with Ludhiana-Malerkotla road (SH-11) near Bhogiwal village to (Km 188+830 to Km 255+770) on EPC mode under Bharatmala Pariyojna in the State of Punjab (Pkg-7). The claims raised by the claimant is ? 951.8 million. The sponsor has filed the counter claim of ? 4001.2. The matter is currently pending before the Arbitral Tribunal.
Ceigall India Ltd initiated arbitration proceedings against the sponsor in relation to Six laning of Panipat-Jalandhar Section of NH-1 from Km. 96.000 to Km. 387.100 in the State of Haryana and Punjab on BOT (Toll) basis on DBFOT pattern under NHDP Phase-V -Balance BC overlay works b/w km 96 to km 387.100(Balance stretches in Punjab and Haryana Sections) (Ref-3). The claims raised by the claimant is ? 278.5 million. The sponsor has not filed the counter claim yet. The matter is currently pending before the Arbitral Tribunal.
Ceigall India Ltd initiated arbitration proceedings against the sponsor in relation to Six laning of Panipat-Jalandhar Section of NH-1 from Km. 96.000 to Km. 387.100 in the State of Haryana and Punjab on BOT (Toll) basis on DBFOT pattern under NHDP Phase-V -Repair and Maintenance of Highway in b/w Km 212 to Km 387 (Ref-1). The claims raised by the claimant is ? 89.3 million. The sponsor has not filed the counter claim yet. The matter is currently pending before the Arbitral Tribunal.
GVK Jaipur Expressway Pvt. Ltd initiated arbitration proceedings against the sponsor in relation to Widening of Existing 2-Lanes TO 6-Lanes Divided Carriageway Facility Including Rehabilitation Of Existing 2-Lanes From KM. 273.500 TO KM. 363.885 On Jaipur-Kishangarh Section Of NH-8 In Rajasthan. The claims raised by the claimant is ? 940.7 million. The sponsor has not filed the counter claim yet. The matter is currently pending before the Arbitral Tribunal.
GVK Jaipur Expressway Pvt. Ltd initiated arbitration proceedings against the sponsor in relation to Widening of existing 2 lanes to 6 lanes divided carriageway facility including rehabilitation of existing 2 lanes from 273.50 km to 363.885 km to jaipur Kishangarh section of NH-8 in Rajasthan(Ref-2). The claims raised by the claimant is ? 935 million. The sponsor has not filed the counter claim yet. The matter is currently pending before the Arbitral Tribunal.
M/S Mangloor Highways Pvt. Ltd. Initiated the arbitration proceedings against the sponsor in relation to the Four laning of Sangareddy- Nanded-Akola Section of 161 from Mangloor (Design Km 86.788/ Existing Km 91.350) to Telangana/Maharashtra Border (Design Km 135.751/ Existing Km 140.873) (Design Length 48.963 Km) in the State of Telangana under Bharatmala Pariyojna on Hybrid Annuity Mode Package- III. The SOC is yet to be filed. The matter is currently pending before the Arbitral Tribunal. PNC Infratech Ltd initiated arbitration proceedings against NHAI in relation Rehabilitation and upgradation of Barabanki - Jarwal road junction in the State of Uttar Pradesh. The claims raised by the claimant ? 1342 million. The sponsor has filed the counter claim of ? 5244 million. The matter is currently pending before the Arbitral Tribunal.
M/S Shamlaji Expressway Private Limited initiated arbitration proceedings against the Sponsor in relation to the Six Laning of Shamlaji to Motachiloda from Km. 401.200 to 494.410 section of NH-8 in Gujarat under NHDP Phase-V (Package -VI) on HAM. The claims raised by the Claimant amount to ? 11863.4 million. The Sponsor has filed counter claim of ? 39748.4. The matter is currently pending before the Arbitral Tribunal.
NK Toll Road Ltd. initiated arbitration proceedings against the Sponsor in relation to the Design, Construction, Development, Finance, Operation and maintenance of Km. 258.645 (end of Namakkal Bypass) to Km. 292.6 (Start of Karur Bypass) and Improvement, of Operation, Maintenance of Km. 248.625 (Start of proposed flyover on Namakkal Bypass) to Km. 258.645 (end of Namakkal Bypass) on NH-7 in the State of Tamil Nadu on BOT basis. The claims raised by the Claimant amount to ? 5521.4 million. The Sponsor has filed counter claim of ? 884.3. The matter is currently pending before the Arbitral Tribunal.
The Sponsor has filed a petition before the High Court of Delhi (challenging the award of the arbitral tribunal) against Pune Solapur Expressways Pvt. Ltd in relation to the Design, Engineering, Construction, Development, Finance, Operation And Maintenance of Four laning of Pune-Sholapur Section of NH-9 from Km 40+000 to Km 144 + 400 in the State of Maharashtra under NHDP Phase-III on DBFOT Basis. Ref-3. The Sponsor has challenged the entire award w.r.t to extension of Concession Period by 832 days vide the petition marked as Diary No. 990741/2022. The amount challenged before the High Court of Delhi is ? 224.60 million. The matter is currently pending.
M/s DBL Anandapuram Anakapalli Highways Ltd has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Six laning of Anandapuram -Pendurthi -Anakapalli Section of NH-5 (new NH-16) from Km.681.000 (Existing Km.681.000) to Km.731.780 (Existing Km.742.400) (Design Length=50.78 Km) in the State of Andhra Pradesh under Bharatmala Pariyojana on Hybrid Annuity Mode. The claims raised by the claimant ? 3994.1 million. The Sponsor has filed the Counterclaim of ? 598.6 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Lakshmi Infrastructure & Developers India Pvt. Ltd. has initiated arbitration proceedings against the Sponsor in relation to Six laning of existing 4-lane road from Kalaparru (Design Km. 1050.680) to Chinna Avutupalli (Design Km.1076.480) of NH-5 including 6-lane Hanuman Junction Bypass from (Existing Km1055.680 to Km.1060.800) (Design Ch.0.000 to Ch.6.720) (Total Design Length:27.40 Km) in the State of Andhra Pradesh under NHDP Phase-V under Bharatmala Pariyojana on EPC mode. The claims raised by the claimant is ? 3178.6 million. The Sponsor has filed the Counter-claim of ? 1057.8 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/S IL&LFS Engineering & Construction Company Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to
Balance work of Patna-Gaya-Dobhi Section of NH-83 from Km.83.000 to Km.127.217 (Pkg- III) on EPC (Item Rate) in the State of Bihar executed under JICA ODA Loan Assistance. The claims raised by the claimant ? 6000 million. The Sponsor has filed the Counter-claim of ? 22780 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/S Progressive-sunway construction(J.V.) has initiated arbitration proceedings against the Sponsor in relation to Four laning and Strengthening of the existing two-lane Section between km.317 and km.65 on NH-2 in U.P. and BIHAR. The claims raised by the claimant ? 1198.4 million. The Sponsor has not filed the Counter-claim yet. The matter is currently pending before the Arbitral Tribunal.
Appollo Enterprises, JLI and D S Construction Ltd. (JV) has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Improvement, Operation, Maintenance and Strengthening of existing 2-lane road and widening to 4-lane divided highway from Km 239.000 to Km 281.000 of NH-6 (Raipur- Aurung Section) in the state of Chhattisgarh on BOT basis. (Ref-1) ICA Case No.2145. The claims raised by the claimant ? 10121 million. The Sponsor has filed the Counter-claim of ? 4232 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/S Bilaspur Pathrapali Road Private Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to 4-lane with paved shoulder configuration of Bilaspur-Pathrapali (Km. 0+000 to Km. 53+300) section of NH-111 (New NH-130) in the State of Chhattisgarh under BharatMala on Hybrid Annuity. The claims raised by the claimant ? 7432.1 million. The Sponsor has not filed the Counter-claim yet. The matter is now reserved for pronouncement of order on the Application for amendment. No next date has been notified.
Nirmal Buidinfra Pvt. Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to 6 -Lane access-controlled highway(NH-152D) starting from Junction with Jind Safidon road(SH-14) near Kheri village to junction with NH-352(Jind-Gohana section) near Julana (Ch. 80+000 to 108+000; lenght 28 km) on EPC Mode under Bharatmala Pariyojana in the State of Haryana (Pkg-4). The claims raised by the claimant ? 1125 million. The Sponsor has not filed the Counter-claim yet. The matter is currently pending before the Arbitral Tribunal.
KCC Buildcon Pvt. Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Six laning of Motachiloda to Nanachiloda stretch from existing Km 494.410 (Design Chaininga 540.595 to existing Km 509.550 (Design Chaininga 555.905) of NH-8 in the State of Gujarat under NHDP Phase-V. (EPC). The claims raised by
M/s Dilip Buildcon Ltd.-Varha Infra Limited (IV) has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Four Laning of Ambala-Kaithal from Km. 0.000 (Ambala) to Km. 50.860 (Pehowa) with Paved Shoulder in the state of Haryana under NHDP Phase-III on EPC Basis (Package-1). The claims raised by the claimant ? 1686 million. The Sponsor has filed the Counter-claim of ? 493.3 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
West Haryana Highways Projects Private Limited (WHHPPL) has filed a petition before the Honble High Court of Delhi against the sponsor in relation to 4/6 Laning of Delhi/Haryana Border to Rohtak section of NH-10 from Km. 29.700 to Km. 93.140 including Bahadurgarh and Rohtak bye-passes in the State of Haryana under NHDP Phase IIIA on Build, Operate and Transfer (BOT) basis (Ref-III). The claim raised by the claimant is ? 56846.6 million and no counter claim yet. The matter is currently pending before the Arbitral Tribunal.
M/s Srinagar Banihal Expressway Ltd has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Rehabilitation, Strengthening and Four Laning of Srinagar to Banihal Section from Km220.700 to Km286.110 of NH-44 (old NH 1A) in the UT of Jammu and Kashmir on BOT (Annuity) Basis. The claims raised by the claimant ? 42372.4 million. The Sponsor has filed the Counter-claim of ? 2763.8 million. The matter is currently pending before the Arbitral Tribunal.
HCC has initiated arbitration proceedings against the Sponsor in relation to Four Laning of Ramban to Banihal Section of NH-1A from Km 151.00 to 187.00 on EPC mode in the UT of Jammu & Kashmir. The claims raised by the claimant is ? 1640.9 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s PRL Projects and Infrastructure Ltd. has initiated arbitration proceedings against the Sponsor in relation to Rectification of Black Spot - Package 2 from Km 31+640 to Km 32+700 (Palli Morh) i.e. 1.06 Km Section District Kathua in UT of Jammu & Kashmir on EPC Mode. The claims raised by the claimant ? 31.6 million. The Sponsor has filed the Counter-claim of ? 4.7 million. The matter is currently pending before the Arbitral Tribunal.
M/s PRL Projects and Infrastructure Ltd. has initiated arbitration proceedings against the Sponsor in relation to Rectification of 2 number Black Spots - Package 1 Lakhanpur Golden Gate (17+711 to 18+892) & Logate Morh (26+900 to
28+720) on National Highway (NH) 44 in District Kathua in the Union Territory of Jammu & Kashmir on EPC Mode. The claims raised by the claimant ? 20.5 million. The Sponsor has filed the Counter-claim of ? 149.9 million. The matter is currently pending before the Arbitral Tribunal.
Ceigall has initiated arbitration proceedings against the Sponsor in relation to Four Laning of part of Ramban to Banihal Section of NH-1A (Now NH-44), from Ch.165+092 to Ch.171+855 (North Bound) and from Ch.166+895 to Ch.173+638 (South Bound), excluding section from Ch.166+610 to Ch.167+150 (North Bound), Ch.168+425 to Ch.168+935 (South Bound) and Section from Ch.167+960 to Ch.168+168 (North Bound), Ch.169+745 to Ch.169+951 (South Bound) (Package-III) in the UT of Jammu & Kashmir on EPC Mode. The claims raised by the claimant is ? 26.8 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Bharat-RKC(IV) has initiated arbitration proceedings against the Sponsor in relation to Construction of tunnels/viaducts at identified sliding/slip zones in design Ch. 130+600 to 130+750, Ch. 131+170 to 131+763, Ch. 132+560 to 133+168, Ch. 133+590 to 133+743 and Ch. 147+877 to 148+715 on EPC mode in Udhampur Ramban section in the UT of Jammu & Kashmir under NHDP Phase-II. The claims raised by the claimant is ? 149.4 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Roadway Solution India Pvt. Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Short Term Improvement and Routine Maintenance contract of Chitradurga Davanagere section from Km 189.00 to Km 260.00 of NH-48(Old NH-4) in the State of Karnataka (Package-2). The claims raised by the claimant ? 132.2 million. The Sponsor has filed the Counter-claim of ? 5.2 million against the Claimant. The matter is currently reserved for award.
Hampi Expressways Private Limited has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Four Laning of Hospet- Chitradurga section of NH 13 (New NH-50) from km 299+000 to km 418 + 750 in the state of Karnataka under National Highways Development Project (NHDP) Phase III on DBFOT (Toll) basis. The claims raised by the claimant ? 8959.3 million. The Sponsor has filed the Counter-claim of ? 2254.3 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s IRB West Coast Tollway Pvt Ltd has filed a petition before the Honble High Court of Delhi 2 in the State of Madhya Pradesh (Item Rate). The claims raised by the claimant ? 1617.4 million. The Sponsor has not filed the Counter- claim against the claimant. The matter is currently pending before the Arbitral Tribunal.
against the sponsor in relation to Four laning of Goa- Karnataka Border to Kundapur section of NH- 66 (formerly NH- 17) from Km. 93.700 to Km. 283.300 in the State of Karnataka to be executed as BOT Project on DBFOT Pattern under NHDP- IV. The claims raised by the claimant ? 31080 million. The Sponsor has not filed the Counter- claim yet. The matter is currently pending before the Arbitral Tribunal.
M/s Devihalli Hassan Tollway Pvt Ltd has initiated arbitration proceedings against the sponsor in relation to 4 Laning of Devihalli-Hassan Section of NH-48 from Km.110.000 to Km.189.500 including2-lane with Paved Shoulder Bypass for Channarayapatna Town and widening of existing Hassan Bypass to 2-lane with Paved Shoulder in the State of Karnataka under NHDP Phase III on Design, Build, Finance, Operate and Transfer (DBFOT) toll basis. The claims raised by the claimant ? 364.4 million. The Sponsor has not filed the Counter- claim yet. The matter is currently pending before the Arbitral Tribunal.
M/s Walayar Vadakkencherry Expressway Pvt Ltd has initiated arbitration proceedings against the sponsor in relation to 4 Laning of WalayarVadakkancherry from existing km 182.250 to Km 240.000 in the state of Kerala under NHDP-PhaseIII executed on BOT (Toll) on DBFOT Basis (Package NS-2/BOT/KL-2). The claims raised by the claimant ? 4260 million. The Sponsor has not filed the Counter-claim. The matter is currently pending before the Arbitral Tribunal.
Gwalior Jhansi Expressway Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Design, Construction, Development, Finance, Operation and maintenance of the work of rehabilitation and upgradation of four lane from Km. 16.00 to Km. 96.127 on NH-75 in the state of U.P and M.P under North-South Corridor (NHDP Phase-II) on BOT (Annuity). The claims raised by the claimant ? 20915.2 million. The Sponsor has filed the Counter-claim of ? 13980 million against the claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Guna Infrastructure Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Construction, Operation and Maintenance of a new 2 lane road from Km 319.700 to Km 332.100 of NH-3 (Guna Bypass Section) in the state of Madhya Pradesh under NHDP Phase-IIIA. The claims raised by the claimant ? 2189.9 million. The Sponsor has filed the Counter-claim of ? 109 million against the claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Ssangyong Engineering & Construction Co. Ltd has filed a petition before the Honble High Court of Delhi against the sponsor in relation to 4-laning of Jhansi Lakhnadon Section NH-26 (ADB-II/C-8) Ref
2 in the State of Madhya Pradesh (Item Rate). The claims raised by the claimant ? 1617.4 million. The Sponsor has not filed the Counter- claim against the claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Dilip Buildcon Ltd has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Rehabilitation and Upgradation of Jabalpur-Mandla-Chilpi Section of NH-12 A road (Package-1) in the state of Madhya Pradesh on Engineering, Procurement and Construction. The claims raised by the claimant ? 214 million. The Sponsor has filed the Counter-claim of ? 1334 million against the claimant. The matter is currently pending before the Arbitral Tribunal.
M/s DBL Riwa Sidhi Highways Pvt. Ltd has filed a petition before the Honble High Court of Delhi against the sponsor in relation to The work of construction of Churhat Bypass including Tunnel on Rewa Sidhi section of NH-75E from chaiange 33.200 to change 55.400 [design length 15.350 Km] in the state of MP on Hybrid Annuity Mode. The claims raised by the claimant ? 381.7 million. The Sponsor has not filed the Counter-claim yet. The matter is currently pending before the Arbitral Tribunal.
M/s Biaora-Dewas Highway Pvt. Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to 4-laning of Biaora - Dewas section from Km 426.100 to Km 566.450 of NH-3 (Package-III) in the State of Madhya Pradesh to be executed on BOT (Toll) on DBFOT pattern under NHDP Phase-IV. The claims raised by the claimant ? 7487.3 million. The Sponsor has filed the Counter-claim of ? 23520 million against the claimant. The matter is currently pending before the Arbitral Tribunal.
Supreme Panvel Indapur Tollway Pvt Ltd has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Four laning of Panvel-Indapur Section of NH-17 from km 0.00 to km 84.00 under NHDP Phase III on BOT Basis on design, build, finance, operate and transfer (DBFOT) pattern in the State of Maharashtra. The claims raised by the claimant ? 75620 million. The Sponsor has filed the Counter-claim of ? 17330 million against the claimant. The matter is currently pending before the Arbitral Tribunal.
DBL Sangli Borgaon Highway Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Four Laning of Sangli-Solapur (Package-I; Sangli to Borgaon) Section of NH-165 from existing Ch. Km. 182.195 to Ch. 219.956 (Design Ch. Km. 182.556 to km 224.000l of length 4t.444 Km in the State of Maharashtra. The claims raised by the claimant ? 3288.7 million. The Sponsor has filed the Counter-claim of ? 1578.3 million against the claimant. The matter is currently pending before the Arbitral Tribunal.
M/s ANJ-VC (IV) has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Construction of 2nd Office Building of NHAI at plot no. G-3, Sector 10, Dwarka. The claims raised by the claimant ? 37 million. The Sponsor has not filed the Counter-claim yet. The matter is currently pending before the Arbitral Tribunal.
M/s Progressive Constructions Pvt Limited Widening to 4/6 lane and strengthening of Existing 2 lane carriageway of NH-5, Km. 284.000 and Km. 338.000 (Ganjam - Sunakhala) in the State of Odisha (Project Chainage Km.284.000 to Km.339.713) Contract Package OR-VII. The claims raised by the claimant ? 5851.8 million. The Sponsor has not filed the Counter-claim. The matter is currently pending before the Arbitral Tribunal.
M/S RUDRANEE INFRA-MANISHA CONSTRUCTION (IV) has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Four Lane with Paved Shoulder configuration of the highway starting from existing km 88.400 (Savali Vihir) to km 163.400 (start of Ahmednagar bypass) (Design Length - 75.000 km) section or NH-160 in the State of Maharashtra. The claims raised by the claimant ? 1564.5 million. The Sponsor has filed the Counter-claim of ? 4312 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
IRCON PB Tollway Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Widening & Strengthening of existing Bikaner-Phalodi Section to Four Lane from km.4.200 to Km. 55.250 and two lanes with paved shoulder from Km 55.250 to Km 163.500 of NH-15 on BOT (Toll) basis in the State of Rajasthan, (Ref-1). The claims raised by the claimant ? 3708 million. The Sponsor has filed the Counter-claim of ? 424.3 million against the Claimant. The matter is currently reserved for award.
Udaipur Tollway Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Six Lanning of km. 287.400 to KM 401.200 Section of NH-8 in the States of Rajasthan and Gujarat on DBFOT (Toll)) IRB-ARBITRATION Ref NO.1. The claims raised by the claimant ? 9060 million. The Sponsor has filed the Counter-claim of ? 2150 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
CG Tollways Limited has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Six Lanning of Kishangarh Udaipur Ahmedabad Section from KM 90.000(near Gulabpura) to KM 214.870 (end of Chittorgarh Bypass) of NH 79 in the State of Rajasthan and BOT(Toll) mode) IRB-ARBITRATION Ref NO.2. The claims raised by the claimant ? 5021.2 million. The Sponsor has filed the Counter-claim of ? 3040 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Oriental Pathways (Agra) Pvt Ltd has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Improvement, Operation and Maintenance including Strengthening and Widening of existing? lane road to 4 lane road dual carriage way from Km. 17.756 to Km 62.295 of NH-11, (Agra-Bharatpur Section) in the States of Uttar Pradesh and Rajasthan on Built, Operate and Transfer (BOT) basis. The claims raised by the claimant ? 1086.6 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Beawer Pali Pindara Tollway Pvt Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to 4 laning of Beawar-Pali-Pindwara Section of Nh-14(km 0.000 to Km 244+120) in the State of Rajasthan under NHDP Phase-III on design, build, finance, operate and transfer(toll) basis(Ref-1). The claims raised by the claimant ? 472.5 million. The Sponsor has filed the Counter-claim of ? 3605.1 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Beawer Pali Pindara Tollway Pvt Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to 4 laning of Beawar-Pali-Pindwara Section of Nh-14(km 0.000 to Km 244+120) in the State of Rajasthan under NHDP Phase-III on design,build,finance,operate and transfer(toll) basis(Ref-1). The claims raised by the claimant ? 1141.7 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Sona Builder- M/s Bharat Spun Pipe has filed a petition before the Honble High Court of Delhi against the sponsor in relation to construction of Balance Works as part-2 (two numbers of interchanges) of Jaipur Ring Road (NH-148 C) from Tonk Road (NH-52) to Ajmer Road Section (NH-48) in the State of Rajasthan. The claims raised by the claimant ? 1020 million. The Sponsor has filed the Counter-claim of ? 1120 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Krishnagiri Walajahpet Tollway Pvt Ltd has filed a petition before the Honble High Court of Delhi against the sponsor in relation to 6-laning of Krishnagiri Walajahpet Section of NH-48 (Old NH-46) from Km 0.00 to Km. 148-30 in Tamil Nadu under NHDP Phase-V on BOT (Toll) under DBFOT pattern. (Ref-2). The claims raised by the claimant is ? 810 million and the Sponsor has filed the Counter-claim of ? 244.9 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
TN (DK) Expressways Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Design, Construction, Development, Finance, Operation and Maintenance of Km.305.600 (End of Karur Bypass) to Km 373.725 (Dindigul) and Improvement, Operation and Maintenance of Km 292.600 (Start of Karur Bypass) to Km 305.600 (End of Karur Bypass) on NH- 7 in the State of Tamil Nadu under North- South Corridor (NHDP- Phase- II) on Build, Operate and Transfer (BOT) Basis (Contract Package No. NS 2/BOT/TN- 4). The claims raised by the claimant ? 10589.5 million. The Sponsor has filed the Counter- claim of ? 2741 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
HK Toll Road Private Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Six laning of Hosur to Krishnagiri section of NH-44(Old NH-7) from km. 33/130 to Km.93/000 in the state of Tamilnadu under NHDP Phase V on BOT(toll) basis under DBFOT pattern. The claims raised by the claimant ? 11980.9 million. The Sponsor has filed the Counter-claim of ? 6428.3 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s. DS Toll Road Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Design Construction, Development, Finance, Operation and Maintenance of Km 373+726 (Start of Proposed Fly Over at Dindigul Bypass) to Km 426+775 (Samayanallur) [Actual Chainage Km 368+147 to Km 421+196] of NH-7 (TN05) on BOT Mode in the state of TN. The claims raised by the claimant ? 6360.8 million. The Sponsor has filed the Counter-claim of ? 6402 million against the Claimant.The matter is currently pending before the Arbitral Tribunal.
Krishnagiri Walajahpet Tollway Pvt Ltd has filed a petition before the Honble High Court of Delhi against the sponsor in relation to 6-laning of Krishnagiri Walajahpet Section of NH-48 (Old NH-46) from Km 0.00 to Km.148-30 in Tamil Nadu under NHDP Phase-V on BOT (Toll) under DBFOT pattern. The claims has not been raised by the claimant. The Sponsor has filed the Counter-claim of ? 1040 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
SU Toll Road Pvt Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Design, Engineering, Finance, Construction Operation and Maintenance of Four laning of Salem to Ulundurpet section from Km.0/313 to Km.136.670 of NH-68-Package no. NHDP/BOT-I/TN/06 on BOT basis. The claims raised by the claimant ? 8412 million. The Sponsor has filed the Counter-claim of ? 2004 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Global Infra Solutions has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Four laning of Neraluru (Karnataka)- Thorapalli Agraharam sectionof NH- 844 from Km.0.000 to 23.350 (Design chainage) under Bharatmala Pariyojna, Phase-1(National corridor) on Hybrid Annuity Mode in the states of Tamil Nadu and Karnataka (Package-1). The claims raised by the claimant ? 100.6 million. The Sponsor has not filed the Counter-claim against the Claimant yet. The matter is currently pending before the Arbitral Tribunal.
M/s. Poondiyankuppam - Sattanathapuram Pvt Ltd has filed a petition before the Honble High Court of Delhi against the sponsor in relation to 4 laning of Poondiyankuppam (km 67/000) to Sattanathapuram of NH 45A 9New NH 32) under NHDP Phase IV in State of Tamil Nadu. The claims raised by the claimant ? 13.4 million. The Sponsor has not filed the Counter-claim against the Claimant yet. The matter is currently pending before the Arbitral Tribunal.
KCPL-I. Vetrivel-om Sakthi JV has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Four Laning of Chettikulam to Nathan section of NH-785 from Chettikulam (Km 7.300) to Nathan (Km 36.690) on EPC Mode under Bharatmala Pariyojana Phase-I in the State of Tamil Nadu. The claims raised by the claimant ? 2243 million. The Sponsor has filed the Counter-claim of ? 1071.2 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s. GMR PEL has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Design, Construction, Development, Finance, Operation and Maintenance of Km.367.000 (Adloor Yellareddy) to Km.447.000 and Improvement, Operation & Maintenance of Km.447.000 to Km.464.000 (Gundla Pochanpalli) on NH-44 in the State of Telangana (Package No.NS-2/BOT/AP-2) under BOT (Annuity) Basis. The claims raised by the claimant ? 1152.6 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s. Allahabad Bypass pathway Pvt. Ltd. has filed a petition before the Honble High Court of Delhi against the sponsor in relation to Operation and Maintenance of Allahabad Bypass(including Ganga bridge pkg-abp-1) from km 158.000 to km 242.708 of NH-2 on OMT basis in the State of UP(Package-32). The claims raised by the claimant ? 4448 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Gayatri Projects limited initiated arbitration proceedings against the sponsor in relation to Rehabilitation and up-gradation of NH4 Rehabilitation and up-gradation of NH-4 from Km 133.36 to Km 171.59 (Andhra Pradesh/Tamil Nadu
Appollo Enterprises, JLI and D S Construction Ltd. (IV) initiated arbitration proceedings against the sponsor in relation to Improvement, Operation & Maintenance, Rehabilitation and Strengthening of existing 2-lane road and widening to 4-lane divided carriageway from Km. 239.000 Km. to 281.000 of NH-6 (Raipur-Aurang Section) on Build, Operate and Transfer (BOT) basis (Ref-2) AC-2384 on EPC Basis. The claims raised by the claimant ? 9090 million. The Sponsor has not filed the Counterclaim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s. Palst Dankuni Tollway Pvt. Ltd initiated arbitration proceedings against the sponsor in relation to laning of National Corridor NH-19 from Palst to Dankuni (up to NH-6 connector) from km 588.870 to km 652.700 (total design length 63.830 km) in the state of West Bengal under Bharatmala Pariyojana to be executed on BOT (Toll) basis. The claims raised by the claimant ? 18.4 million. The Sponsor has filed the Counter-claim of ? 222.6 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
G. R. Infraprojects Ltd initiated arbitration proceedings against the sponsor in relation to Work of Upgradation of Highways strating from Junction with NH-44 at Panipat connecting kairana, shamli, Muzaffarnagar, Mirapur, Bijnor and terminating at its junction with NH-74 at Kotawali to two/four lane with paved shoulder configuration Shamli to Muzaffarnagar Pkg-ii of NH-709AD on EPC Mode of contract (Length 42.870 Km)-Letter of Constitution of AT-Reg on EPC Basis. The claims raised by the claimant ? 327 million. The Sponsor has not filed the Counterclaim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Oriental Structural Engineers Pvt. Ltd. initiated arbitration proceedings against the sponsor in relation to Development of Six Lane Eastern Peripheral Expressway (NH No. NE-2) in the State of Haryana and Uttar Pradesh, Package-V from Km. 93.000 to Km. 114.000 on EPC Basis. The claims raised by the claimant is ? 1155.4 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Ceigall-JCECL-SBIPL (IV) initiated arbitration proceedings against the sponsor in relation to Construction of Six-lane access controlled highway NH-152 D starting from Ismailabad on NH-152 to Junction with Karnal-Pehowa Road
SH-9 near Dhand section of NH-152 D Greenfield Alignment (Ch. 0 + 000 to 23 + 000 ; length 23 km) on EPC mode under Bharatmala Pariyojna in the state of Haryana (Pkg-1) on EPC Basis. The claims raised by the claimant ? 1122.1 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Vadodra Super Express initiated arbitration proceedings against the sponsor in relation to Construction of Eight Lane access-controlled Expressways from Km. 154.000 to Km. 190.500 of Vadodra Mumbai Expressways (gandeva to Jujuwa) in the State of Gujarat on HAM mode under Bharatmala Pariyojna (Phase IB-Package IX) on HAM Basis. The claims raised by the claimant ? 2858 million. The Sponsor has filed the Counter-claim of ? 6352 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/S West Gujarat Expressway Limited has initiated arbitration proceedings against the Sponsor in relation to Widening of the Existing Jetpur-Gondal Section (Km 117.600 to Km 143.000) from two lane to four lane; making improvements in the existing four lane Gondal-Rajkot Section (km 143.000 to Km 175.000) and Widening of the existing Rajkot Bypass (Km 175.000 to Km 185.000) from two lane to four-lane on NH-8B in Gujarat. The claims raised by the claimant is ? 742.7 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s. Shankar Ramchandra Earthmovers Pvt. Ltd. initiated arbitration proceedings against the sponsor in relation to Improvement of Surat-Dahisar section from Km. 263.000 to 381.000 on NH-48 through Overlay in the state of Gujarat on Item Rate Contract Basis. The claims raised by the claimant ? 1879 million. The Sponsor has filed the Counter-claim of ? 1384 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Tacon Infrastructure Pvt. Ltd. has initiated arbitration proceedings against the Sponsor in relation to the work for repair and maintenance of Ahmedabad-Godhra Section (117.571 Km) of National Highway-47 with overlay work at several locations on project stretch in the State of Gujarat on Item rate Contract basis. The claims raised by the claimant is ? 168.2 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Rohtak-Hisar Tollway Pvt Ltd initiated arbitration proceedings against the sponsor in relation to Four Laning of Rohtak to Hisar section of NH-10 (from km. 87+000 to Km. 170+000) including connecting link from Km. 87+000 (NH-10) to Km 348+000
West Haryana Highways Projects Private Limited (WHHPPL) has filed a petition before the Honble High Court of Delhi against the sponsor in relation to 4/6 Laning of Delhi/Haryana Border to Rohtak section of NH-10 from Km. 29.700 to Km. 93.140 including Bahadurgarh and Rohtak bye- passes in the State of Haryana under NHDP Phase IIIA on Build, Operate and Transfer (BOT) basis (Ref-ll). The claims raised by the claimant ? 9640 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Kurukshetra Expressway Pvt Ltd has initiated arbitration proceedings against the Sponsor in relation to the 4-Laning of Rohtak-Bawal Section of NH-71 from Km 363.300 (Design Km. 363.300) to Km 450.800 (Design Km 445.853) under NHDP-III in the State of Haryana of DBFOT basis. (BOT). The claims raised by the claimant is ? 4645.1 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Ceigall India Ltd has initiated arbitration proceedings against the Sponsor in relation to Rehabilitation and upgradation to 4-lane with Paved Shoulder from Ambala to Saha Section from km 0.000 to km 14.840 of NH-444A in the state of Haryana (Package-1) under Bharatmala Pariyojna on EPC basis. The claims raised by the claimant is ? 369.4 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Ceigall India Ltd has initiated arbitration proceedings against the Sponsor in relation to Six laning of Panipat-Jalandhar Section of NH-1 from Km. 96.000 to Km. 387.100 in the State of Haryana and Punjab on BOT (Toll) basis on DBFOT pattern under NHDP Phase-V -Repair and Maintenance of Highway in b/w Km 96 to Km 212 (Ref-2). The claims raised by the claimant is ? 100.9 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Viva Highways Limited initiated arbitration proceedings against the sponsor in relation to Reconstruction, Strengthening, Widening and Rehabilitation of a section on State Highway-27 connecting Indore Sanawad Khandwa Burhanpur from Km 0.00 to Km 203.00 Edlabad Road (2001 to 2015) on SH-27 Indore - Edlabad stretch on design build, finance operate and transfer basison BOT
Basis. The claims raised by the claimant ? 9636.1 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Khalghat Sendhwa Tollways Pvt Ltd initiated arbitration proceedings against the sponsor in relation to 4-laning of Khalghat-MP/Maharashtra Border Section of NH-3 from km 84.700 to km 167.500 in the state of Madhya Pradesh under NHDP Phase III on BOT Basis. The claims raised by the claimant ? 145.8 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Lion Engineering Consultants Pvt Ltd initiated arbitration proceedings against the sponsor in relation to Four laning work from Hiren River to Sindhoor River from Km. 60.00 to Km. 130.00 Section of NH-12 under NHDP Phase-II in the State of Madhya Pradesh. The claims raised by the claimant ? 50.5 million. The Sponsor has not filed the Counter-claim against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s PS Toll Road Pvt Ltd. initiated arbitration proceedings against the sponsor in relation to Six laning of Pune-satara section of NH-4 from Km.725.00 to Km 865.35 (Length-Km 140.35) in the state of Maharashtra to executed as BOT (TOLL) on DBFOT pattern under NHDP Phase-V on BOT Basis. The claims raised by the claimant ? 25810 million. The Sponsor has filed the Counter-claim of ? 29720 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Ceigall India Ltd-M/s Krishna Constructions (IV) initiated arbitration proceedings against the sponsor in relation to Construction of four lane Greenfield Amritsar connectivity for Connection of Amritsar with Delhi-Amritsar-Katra Expressway from MDR Junction at ch. 40+900 Dhunda Village to Junction with NH3 and Taran Bypass near Mannawalla village chainage 70+950(km 40+900 to km 70+950 of Amritsar Connectivity) on EPC mode under Bharatmala Pariyojna in the State of Punjab on EPC Mode. The claims raised by the claimant ? 2115.4 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Ceigall-SBIPL(JV) initiated arbitration proceedings against the sponsor in relation to Four Laning of existing two lane with paved shoulder from Talwandi Bhai to Ferozpur NH-05(Old MH-95) from Km. 170.380 to Km 194.040 in the state of Punjab on EPC Mode. The claims raised by the claimant is ? 631.2 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
NKC Construction Pvt Ltd initiated arbitration proceedings against the sponsor in relation to Construction of 32.200 Km. section of Phagwara-Hoshiarpur (Km. 0.00 to 32.200) on NH-344B in the State of Punjab on EPC Mode. The claims raised by the claimant is ? 75.5 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Ceigall-MASHPL(V)initiated arbitration proceedings against the sponsor in relation to Four laning of existing 2-lane section from Malout (Design Km. 45.6, Existing Km80.2 of NH-07) via Abhor (Design Km 77.6, Existing Km 48.2 of NH-07) to Sadhuwali (Design Km 33.000, Existing Km 33.000 of NH-62) Design Length = 65 Km in the State of Punjab under Bharatmala Pariyojana on Hybrid Annuity Mode (HAM) Mode. The claims raised by the claimant is ? 1413.3 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Rajinder Infrastructure Pvt Ltd. initiated arbitration proceedings against the sponsor in relation to Four laning of Amritsar to Wagah Border Section of NH-1 from Km 456.100 to Km 492.030 in the State of Punjab on BOT (Annuity). The claims raised by the claimant is ? 112.6 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Dilip Buildcon initiated arbitration proceedings against the sponsor in relation to Two laning with paved shoulders of Karauli-Dholpur Section of NH-11B from Km 83.960 to Km 184.460 (Design Length 100.900 km) in the state of Rajasthan under NHDP-IV on EPC mode.(Ref-1) The claims raised by the claimant is ? 21.3 million. The Sponsor has filed the Counter-claim of ? 1641.5 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Dilip Buildcon initiated arbitration proceedings against the sponsor in relation to Two laning with paved shoulders of Karauli-Dholpur Section of NH-11B from Km 83.960 to Km 184.460 (Design Length 100.900 km) in the state of Rajasthan under NHDP-IV on EPC mode.(Ref-2) The claims raised by the claimant is ? 648.3 million. The Sponsor has filed the Counter-claim of ? 142.1 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Roadway Solutions India Infra Ltd.(RSIL) initiated arbitration proceedings against the sponsor in relation to Strengthening/overlaying on Six lane Gurgaon- Kotputli Jaipur section of NH-48 (Old NH-8) from Km. 107.100 to 273.000 in the state of Rajasthan at the Risk & Cost of Concessionaire on item rate (Percentage) Basis. The claims raised by the claimant is ? 4280 million. The Sponsor has filed the Counter-claim of ? 5188.5 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/S. You One - Maharia (IV) initiated arbitration proceedings against the sponsor in relation to work of four laning Km. 464.00 to Km. 474.00 Nagpur-Hyderabad (Package No. NS-23) on Item Rate Contract Basis. The claims raised by the claimant is ? 3420 million. The Sponsor has filed the Counter-claim of ? 569.5 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Andhra Pradesh Expressway Limited (APEL) initiated arbitration proceedings against the sponsor in relation to Design, Construction, Development, Finance, Operation and Maintenance of km 135.469 (End of Kohakota Bypass) to km 211.000 (Kurnool), covering 74.651 Kilometers on NH-44 (old NH-7) on BOT (Annuity) Basis. The claims raised by the claimant is ? 312 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Survapet Khammam Road Pvt. Ltd. initiated arbitration proceedings against the sponsor in relation to Four Laning of the Survapet (Design Ch. 0.420/Existing km 128.500 of NH-65) Khammam (Design Ch. 59.046/Existing km. 50.750 of Old SH-42) of NH-365 BB (Old SH-42) (Design Length-58.626 km) in the state of Telangana under Bharatmala Pariyojna on Hybrid Annuity basis. The claims raised by the claimant is ? 10040 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
O.B. Infrastructure Ltd initiated arbitration proceedings against the sponsor in relation to Design, Construction, Development, Finance, Operation and Maintenance of km 135.469 (End of Kohakota Bypass) to km 211.000 (Kurnool), covering 74.651 Kilometers on NH-44 (old NH-7) on BOT (Annuity) Basis. The claims raised by the claimant is ? 274.9 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
O.B. Infrastructure Ltd initiated arbitration proceedings against the sponsor in relation to Design, Engineering, Construction, Development, Finance, Operation, and Maintenance of Km 220.00 to Km 255.00 on Orai-Bhongipur Section on NH-25 and Km 421.20 to Km 449.00 on Bhongipur-Barah Section on NH-2 in Uttar Pradesh on BOT Basis. (REF-3). The claims raised by the claimant is ? 4936.6 million. The Sponsor has not filed the Counter-claim against the Claimant. The matter is currently pending before the Arbitral Tribunal.
O.B. Infrastructure Ltd initiated arbitration proceedings against the sponsor in relation to Design, Engineering, Construction, Development, Finance, Operation and Maintenance of Km. 220.00 to Km. 255.00 on Orai-Bhognipur Section on NH-25 and Km 421.20 to Km 449.00 on Bhognipur-Barah Section on NH-2 in the State of Uttar Pradesh on BOT Basis (Package No. EW-ll/BOT-UP). The claims raised by the claimant is ? 4936.6 million. The Sponsor has not filed the Counter-claim against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s PRL Projects initiated arbitration proceedings against the sponsor in relation to Balance of Work of ROB ar Km 290.445 of Bareilly-Sitapur section of NH-24 in the State of Uttar Pradesh. The claims raised by the claimant is ? 773.8 million. The Sponsor has filed the Counter-claim of ? 324.8 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
APS Infra Engineers Pvt. Ltd. initiated arbitration proceedings against the sponsor in relation to Construction of two-taining with paved shoulder of the Khatima Bypass Sitarganj-Tanakpur section on NH-125. Km 24.720 to Km 32.975 in the state of Uttarakhand. The claims raised by the claimant is ? 454.3 million. The Sponsor has filed the Counter-claim of ? 63.7 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
PNC Infratech Limited. initiated arbitration proceedings against the sponsor in relation to 4-Laning of Nagina-Kashipur Section of NH-74 from km 73.000 (design chainage km 71.614) to km 175.000 (design chainage km 170.407) in the States of Uttarakhand and Uttar Pradesh under NHDP Phase-IV on EPC mode. The claims raised by the claimant is ? 11538.3 million. The Sponsor has not filed the Counter-claim against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Panagarh Palst Road Private Limited initiated arbitration proceedings against the sponsor in relation to Six Laning of National Corridor NH-19 from Panagarh to Palst from Km. 521+120 to Km 588.870 (Total design length 67.750 km) in the State of West Bengal under Bharatmala Pariyojana to be executed on BOT (Toll) Ref-1. The claims raised by the claimant is ? 1361.3 million. The Sponsor has not filed the Counter-claim against the Claimant yet. The matter is currently pending before the Arbitral Tribunal.
M/s Panagarh Palst Road Private Limited initiated arbitration proceedings against the sponsor in relation to Six Laning of National Corridor NH-19 from Panagarh to Palst from Km. 521+120 to Km 588.870 (Total design length 67.750 km) in the State of West Bengal under Bharatmala Pariyojana to be executed on BOT (Toll) Ref-2. The claims raised by
the claimant is ? 5696.6 million. The Sponsor has not filed the Counter-claim against the Claimant yet. The matter is currently pending before the Arbitral Tribunal.
Etawah-Chakeri Kanpur Highway Pvt Ltd initiated arbitration proceedings against the sponsor in relation to Six Laning of Etawah-Chakeri (Kanpur) Section of NH-2 from Km 323+475 to Km 483-687 in the State of Uttar Pradesh Under NHDP Phase-V on Design, Build, Finance, Operate and Transfer (DBFOT) Toll Basis on BOT basis. The claims raised by the claimant is ? 2230.8 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Lion Engineering Consultants Pvt Ltd has initiated arbitration proceedings against the Sponsor in relation to Four laning work from Hiren River to Sindhoor River from Km. 60.00 to Km. 130.00 Section of NH-12 under NHDP Phase-ll in the State of Madhya Pradesh on EPC basis. The claims raised by the claimant is ? 50.5 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Lion Engineering Consultants Pvt Ltd has initiated arbitration proceedings against the Sponsor in relation to Independent Engineer for Operation and Maintenance of Agra-Gwalior section from Km 8.0 to Km 103.0 of NH-3 (Length 95.00 Km and Operation of Toll Plaza at Km 32.607 (Km 00.00 to Km 42.033 of Gwalior Bayss the State of Uttar Pradesh, Rajasthan and Madhya Pradesh on Operate. Maintain and Transfer (OMT) Basis PKg-22- (NS) & (ii) Authority Engineer for Construction of 4-lane Flyover at Km. 80.742 from Km. 79.780 to 81.200 Length 1.420Km.) of NH-3 at Morena Town in the State of Madhya Pradesh on EPC mode. The claims raised by the claimant is ? 276.4 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Lion Engineering Consultants Pvt Ltd has initiated arbitration proceedings against the Sponsor in relation to Four laning of Delinked stretch of Seoni-MP/MH Border of NH-7 from km 624.480 to km 653.225 under Phase-ll on EPC Mode in the state of Madhya Pradesh on EPC mode. The claims raised by the claimant is ? 25.2 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
SDPL has initiated arbitration proceedings against the Sponsor in relation to Upgradation to Four Lane with Paved Shoulder configuration of the highway starting from existir km 88.400 (Savali Vihir) to km 163.400 (start of Ahilyanagar bypass) (Design Length -75.000 km) section NH - 160 in the State
Borgaon-Watambare Highways Pvt Ltd. has initiated arbitration proceedings against the Sponsor in relation to Four laning of Sangli - Solapur (Package- II: Borgaon to Watambare) Section of NH-166 from existing Ch. Km. 219.956 to Km. 272.394 (Design Ch. Km. 224.000 to Km. 276.000) of length 52.000 Km in the State of Maharashtra on Hybrid Annuity Mode. The claims raised by the claimant is ? 3367.9 million. The Sponsor has not filed the Counterclaim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s. DBL Mangalwedha - Solapur Highways Pvt. Ltd. has initiated arbitration proceedings against the Sponsor in relation to Four laning of Mangalwedha - Solapur - IV from Km. 321.600 to Km. 378.100 Section of NH-166 on HAM Basis. The claims raised by the claimant is ? 4122.7 million. The Sponsor has not filed the Counterclaim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Wainganga Expressway Pvt Ltd has initiated arbitration proceedings against the Sponsor in relation to 4 Laning of Nagpur Wainganga section of NH-6 from Km 498+000 to Km 544+200 in the state of Maharashtra. The claims raised by the claimant is ? 8052.3 million and the Counter-claim filed is ? 6830 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Sudhir Kumar Gupta Partner of M/s Trilok Chand Gupta & Company has initiated arbitration proceedings against the Sponsor in relation to Short Term Improvements & Routine Maintenance of Amravati Bypass on NH-6 in the State of Maharashtra. The claims raised by the claimant is ? 22.3 million. The Sponsor has not filed the Counterclaim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Sudhir Kumar Gupta Partner of M/s Trilok Chand Gupta & Company has initiated arbitration proceedings against the Sponsor in relation to short-term improvement & Routine Maintenance of the Pune-Satara Section from 4Km 725 to M 835.570 (excluding Khabatakighat from Km 773 to Km 781) & westerly diversion to Pune city from Km 0.000 to Km 34.430 on NH-4 in the state of Maharashtra. The claims raised by the claimant is ? 85.3 million. The Sponsor has not filed the Counterclaim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Dhule Palesner Tollway Pvt has initiated arbitration proceedings against the Sponsor in relation to Design, Engineering, Finance,
Construction, Development, Operation and Maintenance of the 4 Laning MP/Maharashtra Border- Dhule Section of NH-3 From Km 168.500 to Km. 265.000 in the State of Maharashtra Under NHDP Phase III on Design, Build, Finance, Operate and Transfer (DBFOT) Basis. The claims raised by the claimant is ? 542.3 million. The Sponsor has filed the Counterclaim of ? 513.3 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
M/s Dristi Structural Engineering Pvt Ltd has initiated arbitration proceedings against the Sponsor in relation to Construction of bypass to Mozari town on NH-53 (Old NH-6) Taluka-Tiwasa, Dist. Amravati (Existing km. 118.700 to km. 124.400) (Design km. 0.000 to km. 6.100) in the State of Maharashtra on EPC mode. The claims raised by the claimant is ? 85.2 million. The Sponsor has not filed the Counterclaim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Varaha Infra has initiated arbitration proceedings against the Sponsor in relation to Improvement of Amritsar Bypass by construction of additional structure and service road on NH-1(New NH-3) b/w Km. 448+510 to Km 473+068 in the state of Punjab on EPC Mode. The claims raised by the claimant is ? 1889.8 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
GR Infraprojects Ltd. has initiated arbitration proceedings against the Sponsor in relation to Work of Construction & Maintenance of 4 Lane NH-56 Bypass connecting NH-2 (Rakhaua Village Km.782.54 of NH-2) with NH-56 (Vajidpur village Km.271.30 of NH-56) as Part of Varanasi Ring Road (Phase II, pkg-1) design chainage Km. 0.00 to Km. 16.40 (total Length 16.98 Km including interchange loop at NH-2) in the Uttar Pradesh under NHDP Phase -VII on EPC mode. The claims raised by the claimant is ? 257.3 million and the Counter-claim filed is ? 1024.9 million against the Claimant. The matter is currently pending before the Arbitral Tribunal.
O.B. Infrastructure Ltd has initiated arbitration proceedings against the Sponsor in relation to Design, Engineering, Construction, Development, Finance, Operation and Maintenance of Km 220.00 to Km. 255.00 on Orai-Bhognipur Section on National Highway No.25 (NH-25) and Km 421.20 to Km 449.00 on Bhognipur-Barah Section on National Highway No.2 (NH-2) in the State of Uttar Pradesh on BOT Basis. The claims raised by the claimant is ? 89.8 million. The Sponsor has not filed the Counter-claim yet against the Claimant. The matter is currently pending before the Arbitral Tribunal.
Other material litigationConsidering the business and purpose of the Sponsor, it is imperative for the Sponsor to have an effective mechanism for the acquisition of land for building roads. Taking this need of the Sponsor into account, the parliament has enacted the NH Act, a special enactment which overrides the Land Acquisition Act, 1894 in cases where the land is acquired for the purposes of building National Highways. The Parliament has enacted the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, which is applicable to land acquisitions under NH Act with effect from 1st January 2015 (i.e. one year from the date of commencement of the Act, subject to notification by Central Government). The process of acquiring land is a very cumbersome process and it leads to a large number of disputes. At present there are approximately 72,000 land acquisition cases pending before various Courts/Tribunals/Competent Authorities for adjudication.
Except as disclosed below, as on the date of the 31st March 2026, there are no pending criminal or material litigations or regulatory actions involving the Associates of the Sponsor.
| Sr. No | Name of Associate | Number of proceedings outstanding | Amount involved (\u20b9 in million) |
| Direct Tax | |||
| 1. | Paradip Port Road Company Limited | 5 | 7.74 |
| 2. | Tuticorin Port Road Company Limited | 3 | 1.97 |
| 3. | Vishakhapatnam Port Road Company Limited | 3 | 1.73 |
| 4. | Calcutta Haldia Port Road Company Limited | 3 | - |
| 5. | Mumbai JNPT Port Road Company Limited | 2 | - |
| 6. | New Mangalore Port Road Company Limited | 2 | - |
| 7. | Chennai Ennore Port Road Company Limited | 1 | - |
| 8. | Ahmedabad Vadodara Expressway Company Limited | 7 | 112.14 |
There are no pending criminal, regulatory or other material litigations against the Project Manager as on 31st March 2026.
There are no pending criminal, regulatory or other material litigations involving the Investment Manager as on 31st March 2026.
There are no pending criminal, regulatory or other material litigations against the associates of (i) the trust, (ii) the Investment Manager, or (iii) the Project Manager as on 31st March 2026.
SBICAP Trustee & Ors Vs. ITSL & Ors. - O.S.No. 25877/2013, before the City Civil court Bangalore case was transferred on 31.05.2019 to Commercial div. CITY CIVIL and SESSIONS JUDGE Bangalore case is registered as Commercial Disputes case in Com. O.S. No.25877/2013
SBI Cap Trustee (the Plaintiff) had filed a suit before the City Civil Court, Bangalore against the Trustee and others (the Defendants) requiring sale of pledged shares for a particular price by SREI Fund/Investors, for whom the Trustee was acting as the share pledge trustee. India Competitive Global Fund (ICGC) acting through the SREI Investment Manager had a First & Exclusive Charge over the Pledged shares. At the instructions of the ICGC & SREI Investment Manager ITSL had transferred the Pledged shares to their demat account as they has First & Exclusive right over the shares. ITSL as Share Pledge Trustee has acted on the instructions of the Lenders/Investors. ICGC/SREI sold the shares and appropriated the amounts towards their dues and transferred the surplus amount to the Plaintiff.
Basically suit is for excess amount appropriated by ICGC/SREI. ITSL has filed its Written Statement on 12th August, 2022 and application for deletion of its name from array of the parties.
Plaintiffs IAS dismissed as not survived for consideration. The Plaintiff approached the High Court of Karnataka without impeding ITSL.
Muthoot Finance Ltd. Vs. Trustees Association of India (TAI), ITSL, Axis Trustee & SBICAP Trustee) - (Case No.29 of 2021) before Competition Commission of India (CCI). i) CCI vide its Order dated the 14th March, 2024 rejected the application dated 21.03.2023 and held that DG may continue its investigation for alleged cartelization. ii) Additional Director General, CCI vide his letter dated the 15th March, 2024 addressed to ITSL, directed to provide the requisite information/ documents as sought by CCI vide notice dated 18.02.2022 latest by 26.03.2024. iii) We have submitted the required information on 11.04.2024 and 15.04.2024. iv) DG filed its report dated 10th October, 2024. v) We have to filed our response to DGs Report on 6th January, 2026. 3. R.K. Mohata Family Trust Vs. ITSL & Ors. Arising out of SLP ? No.411 of 2023 filed by Authum Investments & Infrastructure Ltd.(AIL) Vs. R.K.Mohata Family Trust & Ors, Supreme Court vide their Order dated the 3rd March,2023 allowed the Resolution Plan filed by AIL and directed AIL to make the payments prior to 31st March, 2023. AIL has made the payment. Formal closure of the suit is awaited. 4. SCR 109885 - 1/394/14 - J Patel & 68 Others (All investors of Dynamic India Fund Ill) Vs. Dynamic India Fund Ill, International Financial Services, ICICI Venture Funds Management Company Limited, ICICI Bank and ITSL, before Supreme Court of Mauritius. Brief Background: Suit is filed by investors seeking compensation and damages of ?123,456, 976 for the loss of their investments in Dynamic India Fund Ill from Dynamic India Fund Ill, International Financial Services, ICICI Venture Funds Management Company Limited, ICICI Bank and ITSL. All the Defendants including ICICI Venture have raised preliminary Jurisdiction objections to the Suit. Current Status: At the hearing held on 17th July,2025 we have opposed suit on the ground that DBI Trusteeship Services Ltd (ITSL) being a Government Company is an Instrumentality of State under Article 12 of the Constitution of India unlike erstwhile Trustee Western India Trustee & Executors Co (WITECO), ITSL cannot become a party to these proceedings. The matter has been adjourned to 7th May, 2026 for filing Written Submission by MCA. 5. Pawan Kapoor & Anr. Vs. SEBI & Ors.(Karyy Data Management Services Ltd ) Brief Background In the case of Karyy Data Management Services Ltd ; one Pawan Kapoor & Amri Resorts Pvt. Ltd. the Debenture Holders have filed Writ Petition before Delhi High Court, inter alia against ITSL alleging various non-compliances by ITSL and for not initiating action against Karyy Data Management Services Ltd. for defaults in payment of interest & Principal. Current Status: ITSL has filed its detailed reply. The Honble Court had enquired from the counsel for SEBI as to what steps SEBI has taken in the present matter, to which he apprised the Honble Court that on the receipt of the Complaints from the Petitioners, SEBI has considered the same and since the matter pertains to unlisted NCDs issued on private placement basis, it has been forwarded to MCA for its necessary action as the NCDs are not listed. MCA has filed its Status Report. Senior Advocate directed to file Share Pledge Agreements together with Valuation reports. The matter adjourned to 7th May, 2026 for filing Written Submission by MCA. 6. Mr. Kamlakar Babu Alias Baburao Patil & Others and ITSL & Others Brief Background The suit is basically for declaration of deed of mortgage dated 15/06/2021 executed by defendant no. 2 to no.7 in favour of ITSL as defendant No 1 as void, illegal, invalid, non-est, not binding on the plaintiffs together with relief for permanent injunction from entering into the suit property, selling in auction and/or agreeing to sale in auction the suit property under the garb or colour whatsoever. Current Status: Now, the Issuer Company has mortgaged different property and disputed property has been released. We have filed an application for deletion of our name from array of the parties. The matter has now been listed on 28th April, 2026 for filing arguments on the application filed by ITSL for deletion of name from array of the parties. 7. ARBITRATION NO. 186 OF 2024 (ARB186/24/BRP) IN THE MATTER OF AN ARBITRATION UNDER THE ARBITRATION RULES OF THE SINGAPORE INTERNATIONAL ARBITRATION CENTRE (6TH EDITION, 1st AUGUST 2016) BETWEEN:- CREDIT OPPORTUNITIES III PTE. LIMITED (CLAIMANT) AND (1) IIFL MANAGEMENT SERVICES LIMITED; (2) IIFL
FINANCE LIMITED; (3) IDBI TRUSTEESHIP SERVICES LIMITED; (4) 360 ONE INVESTMENT ADVISORS AND TRUSTEE SERVICES LIMITED (RESPONDENTS).
Notice of Arbitration dated 21st May,2024 from Khatan & Co. received by us on 22nd May,2024. ITSL became the Trustee only on 07/11/2023. The various allegations levelled against the Respondents. Emergency Application filed by the Claimant for urgent reliefs has been dismissed vide order dated 3rd June,2024.
Under SIAC Rules one Mr. Timothy Cooke has been appointed as an Arbitrator. Arguments held on 18th June,2025. the arbitrator directed the parties to file written submissions (including submissions on costs) of not more than 25 pages by 9th July 2025. Further, the arbitrator asked parties to file additional written submissions on whether the correct approach would be to apply Singapore law (which is the Seat of arbitration) or Indian law (which governs contribution agreement) in the context of the pre-conditions to the arbitration. The arbitrator has asked for filing of the additional submissions on the aforementioned issues by 8th August, 2025 and the same has been filed.
The Arbitrator vide his Jurisdiction Award dated 14th December,2025 has held that ODR Mechanism is applicable and terminated the arbitration against Respondent No.1 (IIFL Management Services Ltd.); he has held that the law of Arbitration Agreement and Contribution Agreement is the Indian Law with the seat at Singapore and has directed Respondent Nos.2,3,5,6 and 8 to jointly and severally pay costs of USD 86,550.83 to the Claimant.
We have filed an Appeal/Application before Singapore High Court bearing no.50 of 2026 on 13th January,2026 for setting aside the said Arbitration Award dated 14th December,2025. The said OA/Appeal has been transferred to Singapore International Commercial Court on 3rd March,2026 and numbered as SIC/OA 9/2026.
The Case Management Conference (CMC) for OA 3,9 and 10 is scheduled to take place on 26 March 2026. Ahead of the CMC, the parties have been directed to file a case management bundle. This is an administrative bundle intended to assist the Court and includes a pre- hearing timetable, a case management plan, and a list of issues, and an index of documents relevant to the applications.
It has been agreed and confirmed the following timelines:
a) the filing of the common bundle of documents by 20th May 2026; b) the filing and service of the written submissions by 10th June 2026; c) the filing and service of the reply written submissions by 8th July 2026; and d) the hearing of SIC/OA 3/2026, OA 9 and SIC/OA 10/2026 from 22 to 24th July 2026.
Summary Suit No.806 of 2024 before City Civil Court at Dindoshi (Borivali Division), Goregaon, Mumbai.
Francis Cassian Mendis Vs. Heida Aloysious Gomes & 9 others including ITSL as Defendant No.6.
Challenging the Conveyance Deed dated 18.05.1981 including all other Conveyances executed thereafter and Mortgage dated 09.09.2021 created in favour of ITSL by Spenta Suncity Private Ltd. and permanent order and injunction restraining the defendants from carrying out any constructions/ development activity on the Suit property i.e. Land bearing CTS No.336,Survey No.23,Hissa No.13/7 admeasuring 1622.8 sq.mtrs., village Mogra, Taluka Andheri, Mumbai.
The matter was listed on 18th October, 2025 and adjourned to 15th June,2026
Balaji Enterprises Vs. Essel Lucknow Raibareli Toll Road Ltd & Ors, before the Court of District & Sessions Judge, Rohini Commercial Court, North West Delhi.
We have received Summons from the Court of District & Sessions Judge, Rohini Commercial Court, North West Delhi on 11th July f2024 for the alleged unpaid amount of ?80,35,732/- towards construction contracts executed by them. We have engaged Explutus Legal to represent us in the matter. We have prepared our Reply to the said Commercial Suit and sent to Explutus Legal on 29/07/2024 alongwith application for deletion of our name from array of the parties for filing with the Court of District & Sessions Judge, Rohini Commercial Court, North West Delhi and to appear and represent us before the said court. The matter has been adjourned to 2nd April, 2026.
At the hearing held on 2nd April,2026,the counsel for the Plaintiff submitted that he had instructions to withdraw the present suit, with liberty to approach the NCLT.
The Honble Court, considering the said request, returned the present suit and granted liberty to approach the NCLT in accordance with law. The matter has been disposed of vide Court Order dated 2nd April,2026.
Spanhaus Traders LLP Vs. JLS Realty, Spenta Suncity Pvt.Ltd,ITSL & Rajat Jhunjhunwala- Suit No.13623 of 2023 before Bombay High Court.
The Suit pertains to a loan allegedly advanced by M/S Spanhaus Traders LLP to M/S JLS Realty Private Limited. The Spanhaus Plaintiffs contention is that the sale of the disputed land by JLS to Spenta was carried out fraudulently, illegally, and with the intent to defeat and frustrate the Plaintiffs claims.
Spanhaus has sought that the Deed of Conveyance dated 8th September 2021 executed by JLS in favour of Spenta, Indenture of Mortgage dated 9th September 2021 by Spenta in favour of ITSL be declared is invalid, illegal, non-est, void and not binding on Spanhaus and ordered to be cancelled same and JLS, Spenta and ITSL jointly and severally be directed to make payment of sum of ?118,16,80,355/- as on 23rd April, 2021, along with interest. Next date in the matter is not yet notified.
Pawan kappor & Anr. Vs. State of Delhi NCT & & 12 ors.-Criminal Revision Petition no.374 of 2024 before Session & District Court Tis Hazari, New Delhi.
The Criminal Revision Petition bearing no. 374 of 2024 filed by Pawan Kapoor and Anr, debenture holders of Karvy Data Management Services Ltd for reinstating the investigation in the issuer company which was rejected by the Ld. CMM Sonam Gupta Tis Hazari Court, New Delhi alleging the following:-
There has been breach of trust by ITSL as a Debenture Trustee;
Alleged collusion between ITSL and Issuer company;
ITSL has not taken any action against the Issuer Company after the default in payment of dues to debenture holders.
We have filed our reply on 23rd March, 2025. On 3rd September, 2025 the matter adjourned to 4th April, 2026 at the request of petitioner on medical exigency. The Court directed Petitioner to file notes of arguments with advance copy to respondents. Respondent No. 2 to serve the copy of the application under Section 32A of IBC, 2016 upon the petitioners and other respondents. The matter has been adjourned to 7th July, 2026.
NARAYANAMMA Vs. THAMMAIAH - Original Suit No. 141 of 2009 before City Civil & Sessions Judge, Bangalore.
ITSL has been impeached as Proposed Respondent No.15 in summons without suit papers received by us at our Bangalore Office. WS being filed stating that ITSL has released the properties in question together with supporting documents. Amended Plaintiff filed. D-3 Filed IA The matter adjourned to 17th April, 2026 for necessary orders on IA filed by defendant no.13
Sulochana Vs. India Cement Ltd & 5 Ors - Original Suit No. 167 of 2024 before e Principal District Court, Ariyalur, Chennai-ITSL has been impeached as Respondent No.2. We have written a letter the Registrar, District Court, Ariyalur, Chennai- for suit papers. The matter is fixed on 24th April, 2026 for filing counter on rejection of plaint.
Madhu Prasad & Anr. Vs. Punniyama & Ors. (OS no.45 of 2024) before Honble Principal Subordinate Court, Krishnagiri, Tamilnadu. - The suit pertains to partition of properties. ITSL has already released the charge on the said properties and executed Release deed in the year 2022 and accordingly filing its reply in the matter. The matter was listed for hearing on 15th December, 2025. The next date of hearing is on 4th July, 2026 for filing WS by D-19.
IDBI Vs. Gyanchand Mootha & Anr before High Court of Rajasthan at Jaipur (CFA No. 724/06)-
One Gyanchand Mootha filed suit against IDBI for declaration & recovery of 40,600/- face value of 1160 debentures along with interest accrued thereon amounting to ?38,512/- and further interest @ 12.5% till realisation and further for relief that the resolution dated 31.3.1998 be declared as illegal.
The learned trial court has granted decree only on the ground that the IDBI as a lender was responsible for payment to the Plaintiff, which is a mistake apparent on the face of the record when it has mixed role of IDBI as a lender and as trustee. The role of IDBI as a lender is distinctive which could not have have been mixed for the purposes of awarding decree against the defendant No.1. The learned trial court committed a jurisdictional error. IDBI has filed CFA No. 724/06 titled as IDBI Vs. Gyanchand Mutha & Anr before High Court of Rajasthan at Jaipur for quashing/setting aside of the order dated the 31st July, 2006 passed by the learned district judge, Jaipur. The Application for early listing and hearing of the case has been filed with the High Court. The matter was not listed on 20th September and not 25th September, 2025. Taken up the matter with the Advocate GK Garg who vide his email dated 30th September, 2025 has informed that the matter has now been listed on 27th February, 2026. Next date is yet to be notified.
Mr. Faisal Rashid Vs. Lokhandwala Kataria Constructions Pvt. Ltd & Ors.(LKCPL) (Suit No. 139 of 2024 before Bombay High Court ) seeking inter alia direction to the Defendants for cancellation/ rectification of mortgages attempted to be created on Flat No. 7001 and Flat No.7101 by Defendant No. 1 in favour of Defendant No. 4 and Defendant No. 3, respectively. The said Flats have been sold by Defendant No. 1 to the Applicant by the Registered AOS - 7001 and Registered AOS - 7101 both dated February 11, 2019 prior to the said attempted mortgages. Shapoorji Pallonji the sole debenture holder has taken up the matter with the Defendant
LKCPL for release of the flat from security and amendment to the documents. The matter was listed on 24th July,2025. Next date in the matter is not notified.
As requested, the details of ongoing proceedings under Income Tax Act, 1961 (the Act) of IDBI Trusteeship Services Limited (Trustee) as on 31.03.2026 are as under:
Details of any pending taxation proceedings against the Trustee - NIL Pending Taxation proceedings which are initiated by the Trustee - Details as below
| Year | Forum | Amount (\u20b9) | Description |
| AY 2020-21 | CIT(A) | 23,047,760 | In relation to section 14A of the Act |
| AY 2022-23 | CIT(A) | - | In relation to deduction u/s 80M of the Act. |
| AY 2023-24 | CIT(A) | 47,010 | In relation to disallowance for alleged TDS default and deduction u/s 80M of the Act. |
| AY 2024-25 | CIT(A) | 91,96,280 | In relation to erroneous adjustment of ICDS. |
| Total | 1,15,48,050 |
The Trust is dependent on cash flows from its underlying SPVs for distributions
Investment in Units of the Trust involves certain risks. Prospective investors should carefully consider the following risk factors, along with other information contained in this report, before making an investment decision.
The Trust is dependent on cash flows from its underlying SPVs for distributions
The Trust does not generate independent operating income and relies entirely on distributions and cash flows from its project SPVs. Any decline in SPV performance due to operational or financial factors may directly impact unitholder returns.
Distributions to Unitholders may not be stable and are subject to variability
Distributions are dependent on several factors including traffic volume, toll collections, operating expenses, and debt servicing. Accordingly, there is no assurance of consistent or predictable returns to unitholders.
Limited operating history of certain assets may affect performance predictability
Certain assets within the portfolio may have limited operational track record, making it difficult to reliably forecast future traffic growth, revenue generation, and maintenance requirements.
The Trust is subject to SEBI InvIT Regulations and compliance risk
The Trust must adhere to strict regulatory requirements prescribed by SEBI. Any non-compliance may result in penalties, reputational impact, or restrictions on operations and distributions.
Significant influence of Sponsor and Investment Manager
The Sponsor and Investment Manager exercise considerable control over strategic and operational decisions. This may lead to potential conflicts of interest and decisions that may not align fully with minority unitholders.
Restrictions on leverage, investments, and related-party transactions
Regulatory limits on borrowings and investments may constrain growth, acquisition opportunities, and financial flexibility of the Trust.
Concentration of revenue from limited assets
A significant portion of the Trusts revenue may be derived from a limited number of SPVs or assets and/or concentrated in specific geographies. Any adverse performance of such assets or regions may disproportionately impact overall cash flows and distributions.
Distributions may be impacted by retention of cash flows
The Trust may retain a portion of cash flows for debt servicing, capital expenditure, maintenance, or acquisitions. Accordingly, there is no assurance that distributable cash flows will be fully distributed to unitholders.
Revenue is dependent on concession agreements with government authorities
The Trusts assets operate under concession agreements which govern toll collection rights and obligations. Any adverse changes or termination of such agreements may significantly impact revenues.
Risk of early termination of concession agreements
Concession agreements may be terminated due to breaches, authority actions, or force majeure events, leading to loss of future revenue streams.
Termination payments may be inadequate
In case of termination, compensation received may not fully reflect the fair value of investments, resulting in potential financial loss.
Strict operational and maintenance obligations
The Trust is required to adhere to prescribed service levels and maintenance standards. Non-compliance may result in penalties, deductions, or adverse contractual consequences.
Escrow arrangements restrict financial flexibility
Revenue streams are typically routed through escrow mechanisms, limiting free access to funds and imposing restrictions on cash utilization.
Delays in approvals from authorities
Operations often require approvals from government authorities. Any delay or denial may disrupt operations, expansion plans, and revenue realization.
Counterparty and authority-related risks
The Trust is exposed to risks arising from counterparties including concessioning authorities and contractors. Delays in approvals, payments, or performance failures by such entities may adversely affect operations, revenue realization, and project viability.
Revenue is highly dependent on traffic volumes Traffic flows directly determine toll collections. Any diversion, slowdown, or reduction in vehicular movement may adversely affect revenues.
Toll rates are subject to regulatory frameworks
Toll rate revisions are governed by regulatory mechanisms. Any delay or adverse change in toll policies may impact expected revenue growth.
Traffic volumes are influenced by macroeconomic factors
Economic slowdown, fuel price increases, or industrial contraction may reduce transport activity, thereby affecting toll revenues.
Competition from alternative routes or transport modes
New highways, expressways, or alternative transport systems may divert traffic away from the Trusts assets.
Risk of toll leakage and operational inefficiencies
Leakages, fraud, or inefficiencies in toll collection systems may result in loss of revenue and reduced operational efficiency.
Traffic and revenue projections may not materialize as expected
Traffic projections are based on assumptions regarding economic growth, traffic elasticity, and diversion patterns. Any deviation from these assumptions may lead to lower-than-expected toll collections and adversely impact cash flows and returns.
Risks related to technology and electronic tolling systems
The Trusts operations depend on electronic toll collection systems such as FASTag. System failures, technological disruptions, or cybersecurity incidents may lead to revenue losses and operational inefficiencies.
Dependence on adequate maintenance of assets
Infrastructure assets require continuous maintenance. Poor maintenance may lead to deterioration, lower traffic, and penalties.
High major maintenance and periodic expenditure requirements
Significant expenditure is required periodically for resurfacing and maintenance, which may impact cash flows.
Operational disruptions due to construction or augmentation
Capacity expansion or repair work may disrupt traffic flows and temporarily impact toll collections.
Dependence on third-party contractors
The Trust relies on contractors for operations and maintenance. Any failure or inefficiency on their part may impact service quality and performance.
Climate and environmental risks
Infrastructure assets are exposed to risks from extreme weather events including floods, heatwaves, and other climate-related factors, which may increase maintenance costs and disrupt operations.
Exposure to interest rate risk
Borrowings at variable interest rates expose the Trust to fluctuations in financing costs, which may affect profitability.
Liquidity risk and funding constraints
The Trust may face challenges in meeting financial obligations if sufficient liquidity is not maintained.
Refinancing risk
Existing borrowings may require refinancing. Adverse market conditions may impact the ability to refinance at favorable terms.
Compliance with financial covenants
Loan agreements impose various covenants. Breach of such covenants may result in penalties or acceleration of debt repayment.
Credit rating risks
Any downgrade in the credit ratings of the Trust or its SPVs may increase borrowing costs, limit access to capital, and adversely affect investor perception and unit price.
Restrictions under financing arrangements may limit distributions
Financing agreements may include cash sweep mechanisms, prepayment obligations, and restricted payment covenants which may limit availability of cash for distribution to unitholders.
Changes in laws and regulations may impact operations Infrastructure projects are highly regulated. Amendments in laws, policies, or regulatory frameworks may affect the Trusts operations and revenues.
Exposure to litigation and disputes
The Trust and its SPVs may be subject to legal disputes, claims, or arbitration, which may result in financial liabilities or operational delays.
Environmental and statutory compliance risks
Failure to obtain or comply with environmental and statutory approvals may lead to penalties or suspension of operations.
Valuation of assets is based on assumptions and projections
Valuations rely on assumptions regarding traffic growth, inflation, and discount rates. Variations from these assumptions may impact asset valuation.
NAV may fluctuate over time
Changes in market conditions, cash flows, or valuation parameters may lead to fluctuations in Net Asset Value.
Dependence on independent valuation reports
Valuation is undertaken by independent experts; however, such reports are subject to inherent limitations and judgment assumptions.
Dependence on performance of Investment ManagerThe success of the Trust depends significantly on the expertise and decisions of the Investment Manager.
Risk of loss of key personnel
Loss of experienced personnel may impact operational efficiency and strategic execution.
Potential conflict of interest with Sponsor
The Sponsor may have other business interests, which could create conflicts with the Trusts objectives.
Dependence on economic conditions in India
The Trusts operations are concentrated in India and are subject to domestic economic conditions.
Impact of inflation and fuel prices
Rising costs may reduce traffic volumes and increase operational expenses.
Policy and political risks
Changes in infrastructure policies or political environment may impact the sectors growth prospects.
Market price of Units may be volatile
The trading price of units may fluctuate based on market sentiment, financial performance, and macroeconomic conditions.
Limited liquidity of Units
There may be limited trading volumes, impacting the ability of investors to exit their investment.
Dilution due to issuance of additional Units
Future capital raising through issuance of new units may dilute existing unitholder interest.
Sale of units by the Sponsor may impact market price
Future sale of units by the Sponsor or other significant unitholders may lead to increased supply in the market, which could adversely affect the trading price and liquidity of the units.
Changes in tax laws may impact returns
Amendments in taxation laws or interpretation may affect the tax efficiency of the InvIT structure.
Withholding tax and investor tax obligations
Distributions to unitholders may be subject to withholding taxes and differing tax treatments based on investor category.
Risks associated with acquisition of new assets
The Trust may acquire additional assets in the future. Such acquisitions involve risks including overvaluation, inaccurate projections, integration challenges, and lower-than-expected returns, which may adversely affect financial performance and distributions.
Force majeure events
Natural disasters, extreme weather conditions, or unforeseen events may disrupt operations and damage assets.
Public health emergencies
Pandemics or similar events may reduce traffic volumes and disrupt operations.
Inadequate insurance coverage
Insurance may not fully cover all risks, leading to financial exposure in case of damage or disruption.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
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