Bangalore Elevated Tollway Private Ltd (BETPL) has been awarded an amount of Rs 492 crore towards Claim filed by the company against National Highways Authority of India (NHAI).
IL&FS Engineering and Construction Company Limited, an IL&FS group company, has 24% stake in BETPL and is entitled to approx. Rs 118 crore from the total claim awarded by the tribunal.
BETPL is a Special Purpose Vehicle (SPV) promoted for the development of four-lane elevated and six-lane AT GRADE road from Silk Board Junction to Attibele in the city of Bangalore, the State Capital of Karnataka.
(NHAI) had awarded the project to this SPV (BETPL) on Built, Operate and Transfer (BOT) - Toll basis in January 2006.
The scope of project involved construction of four lane elevated highway between Km. 9.500 and Km. 18.750; improvement of AT GRADE section between Km 8.765 and Km 18.750 to six lanes; and expansion of section between Km. 18.750 and 33.130 to six lanes.
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 Arbitration 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 November 27, 2019.
Shares of IL&FS ENGINEERING AND CONSTRUCTION COMPANY LTD. was last trading in BSE at Rs.2.25 as compared to the previous close of Rs. 2.26. The total number of shares traded during the day was 19088 in over 32 trades.
The stock hit an intraday high of Rs. 2.26 and intraday low of 2.15. The net turnover during the day was Rs. 41768.