BETPL to receive Rs 492 crore in claim settlement with NHAI
Bangalore Elevated Tollway Private Ltd (BETPL) has been awarded Rs 492 crore towards a claim filed against National Highways Authority of India (NHAI) for delay in project execution.
The Arbitration Tribunal has given a majority award for Rs.492 crore (Rs.250 crore as Principal and Rs.242 crore as interest), towards the claim filed by BETPL, the company said in a statement.
BETPL is a Special Purpose Vehicle (SPV) promoted for the development of four-lane elevated and six-lane road in Bangalore, which leads to Infosys, Wipro, Tech Mahindra and others. IL&FS Engineering and Construction Company Limited, an IL&FS group company, has 24 per cent stake in BETPL and is entitled to Rs 118 crore from the total claim awarded by the tribunal.
