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 favour 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. Punj Lloyd Group is an international conglomerate offering EPC services in energy and infrastructure along with engineering and manufacturing capabilities in the defence sector.
(With inputs from agencies.)