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

16 Aug 2023 CW Team

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.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..