MBL Infrastructures Ltd’s shares were up by 4.99% after the company secured an arbitration award of ₹17.24 crore. This award was granted by the Learned Arbitral Tribunal on March 23, 2024, in favor of MBL against the Public Works Department of the Government of Uttarakhand.
The arbitration pertained to a completed road project titled “Improvement / Strengthening of State Roads, Contract Package no. 5” in Uttarakhand.
The sum awarded includes interest up to the date of the award and future interest at a rate of 12 per cent per annum from the date of the award until actual payment, unless settled within 90 days of the award. Additionally, the award includes a declaratory aspect regarding Goods and Services Tax (GST).
“The arbitration award is a result of our continued efforts for realization of our contractual dues. We are hopeful of receiving more awards/orders in near future in various pending proceedings and shall continue our persuasion for realization of our contractual dues which will further improve the overall liquidity and financial position of the Company,” said Surender Aggarwal, Executive Director of MBL.
MBL specializes in civil engineering projects, including roads and highways construction, building and urban infrastructure, railways/metro, and other infrastructure projects across India.
Furthermore, MBL operates two operational Build-Operate-Transfer (BOT) projects: the Suratgarh-Bikaner National Highway Project in Rajasthan and the Waraseoni-Lalbarra Road Project in Madhya Pradesh.
The shares were up by 4.99 per cent to ₹54.25 on the BSE.