IL&FS Transportation Network arm inks settlement pact with NHAI to terminate road project

Infrastructure firm IL&FS Transportation Network on Wednesday said its subsidiary KSEL has entered into a settlement agreement with NHAI for terminating the Khed-Sinnar Expressway project -- part of the Delhi-Mumbai industrial corridor-- at a compensation of Rs 891.59 crore.

IL&FS Transportation Network in a BSE filing said that NHAI has paid a sum of Rs 736.07 crore in the escrow account of KSEL upon making necessary deductions.

The project will be handed over to NHAI in due course, it added.

''Khed Sinnar Expressway Limited (KSEL), a subsidiary of the company had developed the Khed-Sinnar section of the road in Maharashtra.

''KSEL had entered into a settlement agreement with National Highways Authority of India (NHAI) on April 6, 2022 for foreclosure of the concession agreement at a compensation of Rs 891.59 crores,'' the company said.