Infrastructure firm SEW Infrastructure on Monday announced receiving an arbitration award of Rs 985 crore as claims it raised on behalf of a special purpose vehicle (SPV) in joint venture with Prasad & Co.
In a statement, SEW said the disputes pertained to execution of a contract the SPV had entered into with the Uttar Pradesh State Highway Authority for construction of highway from Delhi to Uttarakhand border.
The Hyderabad headquartered firm said the disputes arose owing to various delays in execution of the project that included lack of clearance from the Ministry of Environment and Forest.
A three member arbitration tribunal headed by Justice SB Sinha, retired judge of Supreme Court, has announced the award after adjudicating the claims of both the parties, said the SEW chief financial officer C Srinivas.
