Bangalore Elevated Tollway awarded Rs 492 cr towards claim against NHAI
IL&FS Engineering and Construction Company Ltd, an IL&FS group company, has 24 per cent stake in BETPL.
IL&FS in a statement said it is entitled to about Rs 118 crore from the total claim awarded by the arbitration tribunal.
BETPL is a special purpose vehicle (SPV) promoted for the development of four-lane elevated and six-lane road from Silk Board Junction to Attibele in Bengaluru.
NHAI had awarded the project to BETPL on a built-operate-transfer (toll) basis in January 2006.
The scope of project involved construction of a four-lane elevated highway.
"BETPL had filed a claim against the NHAI in the tribunal as per the terms of the contract pertaining to matters related to additional cost incurred due to extension of construction period (prolongation cost)," the statement said.
The tribunal has given a majority award for an amount of Rs 492 crore (Rs 250 crore as principal and Rs 242 crore as interest), towards the claim filed by BETPL, on Wednesday, it said. NAM HRS