Comments
Hindustan Construction Company (HCC) has secured contracts worth Rs 208 crore.
This includes a contract from the Municipal Corporation of Brihan Mumbai for laying a 1.765 km pipeline, besides another order from a leading petrochemical company for the construction of off-gas cracker and process units.
HCC is in L1 position in nine tenders aggregating Rs 3,092 crore in which its share is Rs 2,964 crore. These include three tenders in hydropower and six in road segment.
HCC said the Delhi High Court had on Monday granted relief by directing a payment of Rs 225 crore to HCC on the company furnishing a bank guarantee to the Delhi High Court to the extent of 50 per cent of the value in connection with a dispute arising out of extension of time claim in the Allahabad bypass road project.
Earlier, the Arbitral Tribunal and the single judge of the Delhi High Court upheld the claim.
Praveen Sood, Group CFO, said, “The latest order by the Delhi High Court vindicates HCC’s position in respect of awarded claims. This also paves the way for payment of concluded arbitral awards of more than Rs 1,000 crore.”
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.