NHAI settles Rs 707 cr claim of IL&FS’ FSEL

Mumbai, March 10 : National Highways Authority of India (NHAI) has completed settlement of Rs 707 crore towards Fagne Songadh Expressway Ltd (FSEL), a subsidiary of IL&FS Transaportation Networks Ltd for foreclosure of the project.

FSEL has received the compensation amount on March 9, 2021 and handed over the pproject to NHAI, ITNL said in a regulatory filing.

“FSEL had entered into a Settlement Agreement with National Highways Authority of India on February 19, 2021 for foreclosure of the Project at a compensation of Rs 707 crore pursuant to the discussions held through the Conciliation Committee of Independent Experts appointed by NHAI subject receipt of necessary approvals,” it said.

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The company had undertaken the development of Fagne-Maharashtra/Gujarat border section of National Highway No 6 in the states of Gujarat and Maharashtra.

Disclaimer: This story is auto-generated from IANS service.

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