Delhi High Court orders NHAI to pay Rs 12.04 bn to R-Infra's Subsidiary
ROADS & HIGHWAYS

Delhi High Court orders NHAI to pay Rs 12.04 bn to R-Infra's Subsidiary

The Delhi High Court has instructed the National Highways Authority of India (NHAI) to make a payment of Rs 12.04 billion to TK Toll Road (TKTR), which is a wholly owned subsidiary of Reliance Infrastructure (R-Infra). R-Infra stated in an official communication to the stock exchanges that the court has directed NHAI to deposit the specified amount and has granted permission to TKTR to withdraw the same against a Bank Guarantee.

R-Infra explained that this amount will be allocated towards reducing the company's debt burden. The arbitration process had yielded an award of Rs 12 billion in favour of R-Infra in October 2022. Subsequently, TKTR filed a petition in the Delhi High Court seeking the enforcement of this arbitration award. The toll road in question spans 82 kilometres between Trichy and Karur in Tamil Nadu, and it is facilitated by a 4-lane National Highway (NH 67).

As disclosed in a filing to the financial markets by R-Infra, the Delhi High Court has instructed NHAI to deposit the arbitration award amount along with accrued interest.

Back in 2007, NHAI had awarded the development project for the Trichy and Karur highway to R-Infra under a build-operate-transfer (BOT) arrangement. The original completion deadline for the project was set for 2010, but this timeline was not met. The operationalisation of the road for commercial use eventually commenced in February 2014. The disputes over delays and associated penalties had prompted the initiation of arbitration proceedings between NHAI and R-Infra.

The Delhi High Court has instructed the National Highways Authority of India (NHAI) to make a payment of Rs 12.04 billion to TK Toll Road (TKTR), which is a wholly owned subsidiary of Reliance Infrastructure (R-Infra). R-Infra stated in an official communication to the stock exchanges that the court has directed NHAI to deposit the specified amount and has granted permission to TKTR to withdraw the same against a Bank Guarantee.R-Infra explained that this amount will be allocated towards reducing the company's debt burden. The arbitration process had yielded an award of Rs 12 billion in favour of R-Infra in October 2022. Subsequently, TKTR filed a petition in the Delhi High Court seeking the enforcement of this arbitration award. The toll road in question spans 82 kilometres between Trichy and Karur in Tamil Nadu, and it is facilitated by a 4-lane National Highway (NH 67).As disclosed in a filing to the financial markets by R-Infra, the Delhi High Court has instructed NHAI to deposit the arbitration award amount along with accrued interest.Back in 2007, NHAI had awarded the development project for the Trichy and Karur highway to R-Infra under a build-operate-transfer (BOT) arrangement. The original completion deadline for the project was set for 2010, but this timeline was not met. The operationalisation of the road for commercial use eventually commenced in February 2014. The disputes over delays and associated penalties had prompted the initiation of arbitration proceedings between NHAI and R-Infra.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement