IRB Infra soares on receiving Rs 308 cr arbitration award

23 Jun 2022 , 11:03 AM

The company received the amount against total arbitration claim of Rs 419 crore towards delay in completion of project for reasons not attributable to the SPV. The part award is in line with directives of the Cabinet Committee on economic affairs directing Government agencies to pay 75% of the arbitration against bank guarantee. IRB Infra was the EPC Contractor for Pathankot Amritsar BOT project. The IRB Pathankot Amritsar Toll Road (IPTRL) had won the arbitration award of 518 days extension in concession period and Rs 419 crore (including Interest) towards the delay in completion of the construction of the project on account of the reasons not attributable to the company. The NHAI had challenged the decision before Delhi High Court. The Honorable Delhi High Court, while upholding the Arbitral Tribunals decision, directed the NHAI to release 75% of the arbitration award to the company. Virendra D. Mhaiskar, chairman & managing director of IRB Infrastructure Developers said, ?We deeply appreciate the steps taken by the Cabinet Committee on Economic Affairs for providing interim cashflow access to developers in clear award scenarios till a final verdict is closed. Huge opportunities are lined up in the sector and we look forward to participating and investing in the same to our best capabilities.? IRB Infrastructure Developers is Indias first multinational infrastructure player in highways segment. At present, IRB Groups portfolio (including Private and Public InvIT) has 22 road projects that include 17 BOT, 1 TOT and 4 HAM projects. On a consolidated basis, net profit of IRB Infrastructure Developers jumped 79% to Rs 174.50 crore on 10.7% decline in revenue from operations to Rs 1433.62 crore in Q4 FY22 over Q4 FY21. Powered by Capital Market – Live News