Deals28 Jun 2024, 12:56 pm
GMR Power and Urban Infra Settles Claims with NHAI for Rs. 1,387.21 Crore
AI Summary
GMR Power and Urban Infra Ltd. has announced a settlement with the National Highways Authority of India (NHAI) for a claim of Rs. 1,387.21 Crore. The claim, raised by GMR Hyderabad Vijayawada Expressways Private Limited (GHVEPL), a subsidiary of the company, was against NHAI for compensation against losses arising due to change in law. The settlement will see GHVEPL receive the claim in two tranches, with the first tranche of Rs. 850 Crore already received and utilized towards closing loans with its consortium of lenders. The balance of the first tranche and the second tranche will be used for further reduction of GPUIL corporate debt and investment in other businesses of GPUIL.
Key Highlights
- GMR Power and Urban Infra Ltd. has settled claims with NHAI for Rs. 1,387.21 Crore.
- The claim was raised by GMR Hyderabad Vijayawada Expressways Private Limited, a subsidiary of the company, against NHAI for compensation against losses arising due to change in law.
- The settlement will see GHVEPL receive the claim in two tranches, with the first tranche of Rs. 850 Crore already received and utilized towards closing loans with its consortium of lenders.
- The balance of the first tranche and the second tranche will be used for further reduction of GPUIL corporate debt and investment in other businesses of GPUIL.
- The matter was subjudice but both parties decided to amicably settle all disputes without further intervention of court / tribunal.