Reliance Infrastructure (RInfra) has won Rs 16.14 crore arbitration award against National Highway Authority of India (NHAI). A three-member Arbitration Tribunal in its unanimous award on November 12, 2018 has asked NHAI to pay Rs 16.14 crore by February 10, 2019 to Reliance Infrastructure. NHAI will have to pay interest 12% p.a. on the amount if they do not pay Rs 16.14 crore by the deadline.
This win is in addition to the Rs 200 crore arbitration award that the three-member Arbitration Tribunal in its unanimous decision had ordered NHAI to pay to Reliance Infrastructure for the same project in August this year for cost over-run and loss of revenue.
RInfra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.