IL&FS and Gayatri joint venture wins Rs 914-cr arbitration claim

An IL&FS Engineering and Construction Company and Gayatri Projects joint venture (JV) has won an arbitration claim worth Rs 914.3 crore for a Nagaland road project, the two companies said in a statement on Tuesday.

“Gayatri Projects is pleased to announce the award of an arbitration claim worth Rs 914.3 crore in favour of its JV with IL&FS Engineering and Construction company for the Nagaland Project,” Gayatri Projects said in its statement on Tuesday.

IL&FS in a separate statement further added, “After completion of the court process, the realised award amount shall be shared between the partners in proportion of the work done.”