+
Afcons Wins Rs 1,486.7 Million Arbitration Award
ROADS & HIGHWAYS

Afcons Wins Rs 1,486.7 Million Arbitration Award

Afcons Infrastructure Ltd has received an arbitral award of Rs 1,486.7 million (mn) in relation to claims arising from a tunnel project in Jammu and Kashmir. The Arbitral Tribunal ruled in the company's favour and directed the release of the firm’s bank guarantee linked to the contract. The award was received on June 30, 2026, and the company indicated the decision will have a positive impact on its financial position. The payment is subject to the counterparty not challenging the award within the period prescribed under law.

The award pertains to claims arising from the construction of Tunnel T74-R balance work on the Dharam-Qazigund section of the Udhampur-Srinagar-Baramulla Rail Link Project. Afcons notified exchanges of the tribunal decision and clarified that the sum awarded relates to contractual claims recognised by the panel. The firm also noted that any stay or appeal by the counterparty could delay realisation of the sum and that legal timelines will determine the next steps.

This month Afcons secured a major marine contract from Vadhvan Port Project Ltd to construct a 10.14-kilometre-long breakwater through a Letter of Award valued at Rs 5,301 crore, equal to Rs 53,010 million (mn) or Rs 53.01 billion (bn), excluding GST. The company said the structure will become the second-longest breakwater in the world on completion and will form a central element of the Vadhvan Port development. The order underlines the firm’s focus on complex marine infrastructure.

Shares of Afcons Infrastructure ended at Rs 312.20, down by Rs four point six zero, or one point four five per cent, on the BSE. Company leadership characterised the Vadhvan project as a strategic enabler for India’s ambition to grow as a global maritime hub and described the breakwater as a landmark marine infrastructure project that highlights domestic execution capabilities. Vadhvan Port is planned to have a handling capacity of 23.2 million TEUs.

Afcons Infrastructure Ltd has received an arbitral award of Rs 1,486.7 million (mn) in relation to claims arising from a tunnel project in Jammu and Kashmir. The Arbitral Tribunal ruled in the company's favour and directed the release of the firm’s bank guarantee linked to the contract. The award was received on June 30, 2026, and the company indicated the decision will have a positive impact on its financial position. The payment is subject to the counterparty not challenging the award within the period prescribed under law. The award pertains to claims arising from the construction of Tunnel T74-R balance work on the Dharam-Qazigund section of the Udhampur-Srinagar-Baramulla Rail Link Project. Afcons notified exchanges of the tribunal decision and clarified that the sum awarded relates to contractual claims recognised by the panel. The firm also noted that any stay or appeal by the counterparty could delay realisation of the sum and that legal timelines will determine the next steps. This month Afcons secured a major marine contract from Vadhvan Port Project Ltd to construct a 10.14-kilometre-long breakwater through a Letter of Award valued at Rs 5,301 crore, equal to Rs 53,010 million (mn) or Rs 53.01 billion (bn), excluding GST. The company said the structure will become the second-longest breakwater in the world on completion and will form a central element of the Vadhvan Port development. The order underlines the firm’s focus on complex marine infrastructure. Shares of Afcons Infrastructure ended at Rs 312.20, down by Rs four point six zero, or one point four five per cent, on the BSE. Company leadership characterised the Vadhvan project as a strategic enabler for India’s ambition to grow as a global maritime hub and described the breakwater as a landmark marine infrastructure project that highlights domestic execution capabilities. Vadhvan Port is planned to have a handling capacity of 23.2 million TEUs.

Related Stories

Gold Stories

Next Story
Infrastructure Transport

MMRDA Targets Completion of Projects by December 2028

The Mumbai Metropolitan Region Development Authority (MMRDA) is targeting the completion of all its ongoing infrastructure projects by December 2028, a year ahead of its December 2029 deadline, Metropolitan Commissioner Dr Sanjay Mukherjee has said.Speaking at the sixth edition of the Real Estate & Infrastructure Investors' Summit (REIIS) 2026 in Mumbai, Mukherjee said the authority was developing an integrated network of roads, tunnels, sea links and Metro corridors under its broader vision of “Mumbai in 59 Minutes”.The objective is to improve east-west and north-south connectivity an..

Next Story
Building Material

High-Performance Façades Gain Ground in Indian Buildings

High-performance façades are gaining greater importance in Indian architecture as developers and architects increasingly focus on energy efficiency, thermal comfort and building performance, according to Shankar Fenestrations & Glasses.The company said modern façade systems are increasingly being considered as part of a building's overall performance strategy rather than being used primarily as aesthetic elements.High-performance glass, curtain wall systems and structural glazing can contribute to thermal regulation, solar control, daylight management and indoor comfort. Their growing ad..

Next Story
Technology

SPML Infra's 104.4 kWh BESS Battery Pack Clears Global Tests

SPML Infra has announced that its proprietary 104.4 kWh Battery Energy Storage System (BESS) battery pack has completed key international safety, performance and transportation testing and certification requirements, marking a step towards its commercial deployment.Developed under the company's own intellectual property, the battery pack has completed requirements under UL9540A, IEC 62619, IEC 63056, IEC 60730, IEC 61000-6-2, IEC 61000-6-4 and UN38.3 standards.The testing covers areas including thermal runaway safety, battery performance, system functional safety, electromagnetic compatibility..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code