Business EconomyPosted at: Dec 31 2020 8:00PM

Gayatri projects gets Rs 69.41 cr from contractor as settlement of claims

Mumbai, Dec 31 (UNI) Gayatri projects has received an amount of Rs 69.41 Crores from its contractor M/s Sunway Construction SDN, BDH, as settlement of its various claims raised by the Company on the contractor.
The Company had executed a contract for rehabilitation and Upgrading of Kms 104 to Kms 170 of NH 25 lo 4 lane in the State of Uttar pradesh (Contract package No - EW II UP-4) as a sub contract from M/s Sunway Construction SDN, BDH, M/s Sunway has raised a total claim of INR 80.00 Crores on NHAI and out of total amount received, the company's share was settled at INR 70.78 crores and the net amount received by the company after statutory deductions is Rs 69.41 Crores.
The company has also announced in the previous month, the receipt of Rs 208.00 Crores under the GOI scheme of monetisation of 'under litigation arbitral award' against bank guarantees.
Both the receipt mentioned above are in line with company's guidance of an inflow of Rs 2-3 billion under the GoI award monetisation scheme/conciliation scheme.
UNI JS JW2000

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