(PTI)
Engineering and construction firm Punj Lloyd Wednesday said it has won an arbitration award worth over USD 4.98 million (about Rs 34 crore) with respect to a project in Maharashtra. It said the arbitration award pertained to Heera Redevelopment Project.
“The Arbitration Tribunal in the matter of Punj lloyd Ltd & Anr vis Oil & Natural Gas Corporation Ltd in respect of Heera Redevelopment Project, has given an award in favor of Punj lloyd Limited for an amount of USD 4,985,866.37 with interest @ 9 per cent p.a from due date till the date of payment/ realization,” the company said in a filing to the BSE.
It said the award mentions payment of a further amount of USD 17,500 and USD 7,919,661. “The amount of USD 7,919,661.00 has to be paid within four months from the award otherwise interest @ 12 per cent p.a.will be payable till the payment or realization thereof,” the company said without giving details.
