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H.G. Infra Engineering Limited (HGIEL) announced today that the National Highways Authority of India (NHAI) has imposed penalties totaling ₹1 crore on the company. The penalties, communicated through letters dated September 13 and 17, 2024, were received by HGIEL on September 19, 2024.
The shares of H.G. Infra Engineering Limited (HGIEL) were trading at ₹1,557.75 up by ₹32.55 or 2.13 per cent on the NSE today at noon
The fines relate to two expressway projects in Rajasthan, each incurring a ₹50 lakh penalty. NHAI cited deficiencies in riding qualities and untimely settlement issues as reasons for the penalties. Both projects are part of the Delhi-Vadodara Greenfield Expressway under the Bharatmala Pariyojana.
HGIEL disagrees with the penalties and plans to contest them. The company expects a favourable outcome, citing unprecedented heavy rainfall in the project area as a force majeure event. HGIEL maintains that there is no material impact on its financial operations or other activities.
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