Afcons wins arbitration award of Rs 148.67 Cr in tunnel project
AFCONS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Afcons Infrastructure has received a favourable arbitration award of Rs 148.67 Crores in its favour from the Arbitral Tribunal in a dispute related to the construction of Tunnel T74-R (balance work) on the Dharam-Qazigund section of the USBRL Project in Jammu and Kashmir. The Tribunal has also directed the release of the company's Bank Guarantee. The awarded amount is payable subject to the counter-party not challenging the award within the legally stipulated period. The company states this will have a positive impact on its financial position.
Positive for shareholders; Rs 148.67 Cr inflow expected and Bank Guarantee release, subject to no challenge from counter-party.