IRB Infra arm gets Rs 20.55 cr from NHAI

IRB Infra arm gets Rs 20.55 cr from NHAI

21/12/2016 12:24

Highway construction firm IRB Infrastructure Developers Ltd on Wednesday said that its wholly owned subsidiary, IRB Ahmedabad Vadodara Super Express Tollway Pvt Ltd (IRBAV), has received Rs 20.55 crore from NHAI against the bank guarantee as part of 75 per cent of the arbitral award amount.

“IRB Ahmedabad Vadodara Super Express Tollway Pvt Ltd – wholly owned subsidiary of the company (IRBAV), has received from NHAI Rs 20.55 crore against the bank guarantee submitted by IRBAV as part of 75 per cent of the arbitral award amount pronounced by the arbitral tribunal,” the company said in a filing to the Bombay Stock Exchange on December 21, 2016.

Earlier, the Cabinet Committee on Economic Affairs (CCEA) has approved measures for revival of the construction sector directing government agencies to pay ’75 per cent of the arbitral award amount against bank guarantee where government agencies have challenged the arbitral award’.

Meanwhile, shares of the company were trading at Rs 199.20 apiece, up 0.73 per cent, from previous close on BSE at 12:28 hours.

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