BRNL says associate firm Jagannath wins Rs 100 crore arbitration
Bharat Road Network Ltd (BRNL) today said one of its associate firms has won an arbitration award of over Rs 100 crore and it is looking forward to the release of money by NHAI soon. “Shree Jagannath Expressways Pvt Ltd, one of the associate companies in Odisha, has won an arbitration award of over Rs 100 crore,” BRNL said in a filing to BSE. Given the stated stand of the government to not get into long-term disputes and settle claims as per award of arbitration, the company said, it is likely that the National Highway Authority of India would soon release the money.
With the government aiming to make announcement of more road projects under public private partnership model, the rapid dispute resolution steps will prove helpful to hence the confidence of banks, investors and concessionaires operating in the private sector, the company said. BRNL works in the area of development, implementation, operation and maintenance of highway and road projects.