Om Infra Limited updates on associate SPV company Bhilwara Jaipur Toll Road Pvt. Ltd.

M/s Bhilwara Jaipur Toll Road Pvt. Ltd., an associate SPV of Om Infra Limited with 49% shareholding, is in the business of Toll Road Operation and Maintenance in the State of Rajasthan.

The Government of Rajasthan w.e.f. 1.4.2018, had exempted the private vehicles to pay toll in 0-212 km state highway from Jaipur to Bhilwara and on account of this daily toll collection was badly affected and subsequently M/s Bhilwara Jaipur Toll Road Pvt. Ltd had terminated the concession agreement for breach of contract on the part of Govt of Rajasthan and submitted a claim of Rs.578crto Arbitrator. Subsequent to termination of concession agreement , Arbitrator had given an interim award by which PWD was required to pay the debt of Rs.191 cr to lenders of Road project. In litigation process, Hon'ble High court of Rajasthan in its order dated 12.10.20 directed PWD to take the custody of Road and pay rs.191 Cr to lenders.

Public Works Department of Govt. Of Rajasthan in partial compliance of Court order has taken over the operation and maintenance of the road and the toll plazas and custody of Road today on 16th June 2021 and has also paid Rs. 15.79 cr to lenders in escrow account out of Rs.191 cr.

The matter of termination of concession agreement and our compensation is in dispute resolution process with Hon'ble Arbitrator and is pending for final award. The lenders have moved the application to Hon'ble High Court of Rajasthan for full payment of debt due by PWD which is pending in the court and is expected to come up for hearing in next available date.

Shares of OM METALS INFRAPROJECTS LTD. was last trading in BSE at Rs.26.8 as compared to the previous close of Rs. 26.8. The total number of shares traded during the day was 20434 in over 337 trades.

The stock hit an intraday high of Rs. 28.75 and intraday low of 26.6. The net turnover during the day was Rs. 558254.

Source : Equity Bulls

Keywords