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  1. IRB soars on winning arbitration award worth ₹1,681 crore

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IRB soars on winning arbitration award worth ₹1,681 crore

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1 min read | Updated on January 29, 2024, 15:05 IST

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SUMMARY

IRB Infrastructure Developers won compensation worth ₹1,681 crore for a highway project.

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Yedeshi Aurangabad Tollway (YATL had commenced construction for the highway project in 2015.

Shares of IRB Infrastructure Developers have surged 16% today. This comes after it won compensation worth ₹1,681 crore for a highway project.

Yedeshi Aurangabad Tollway (YATL), which is a special purpose vehicle of IRB Infrastructure Trust, had commenced construction for the highway project in 2015. It was scheduled to be completed within 910 days – 26 December 2017.

“However, due to delay in handing over of land and for other reasons attributable to NHAI, the project completion on the entire project length was delayed and the project was finally completed on 24 September 2020,” said the management of IRB Infrastructure.

Against this backdrop, YATL had to incur time and cost overrun. Hence, it claimed compensation from NHAI.

The Arbitration Tribunal has now granted the award in favour of YATL and said that IRB will receive compensation worth ₹1,681 crore.

About The Authors

Upstox News Desk
Upstox News Desk is a team of journalists who passionately cover stock markets, economy, commodities, latest business trends, and personal finance. The desk writes news articles, analyses and explainers on IPOs, earnings, fundraises, stocks movements, benchmark indices, gold rates, crude prices, financial regulations, GDP growth, inflation trends, and much more.

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