SPML Infra's subsidiary wins Rs 191 crore interim relief from Rajasthan government
Kolkata (West Bengal) [India], Nov 1 (ANI): SPML Infra Ltd said on Friday that its subsidiary Bhilwara Jaipur Toll Road Pvt Ltd has won Rs 191 crore interim relief under arbitration proceedings against the Rajasthan state government.
ANI
Nov 01, 2019 14:56 IST
Kolkata (West Bengal) [India], Nov 1 (ANI): SPML Infra Ltd said on Friday that its subsidiary Bhilwara Jaipur Toll Road Pvt Ltd has won Rs 191 crore interim relief under arbitration proceedings against the Rajasthan state government.
The Bhilwara Jaipur toll road was developed by the subsidiary. But from April 1, 2018, the Rajasthan government exempted private vehicles from paying the levy, hitting daily toll collection.
On October 3 the same year, the Bhilwara Jaipur Toll Road Pvt Ltd terminated the concession agreement and an arbitrator was appointed by the Rajasthan High Court to resolve the matter.
In its interim order on Wednesday, the arbitrator directed the state government to deposit Rs 191 crore in an escrow account and take possession of the toll road.
Regular arbitration proceedings are on and its claim of termination payment of Rs 578 crore is in process of hearings, the company said.
SPML Infra has 50 per cent stake in Bhilwara Jaipur Toll Road Pvt Ltd.
"The arbitrator issued the order on the merits we have been maintaining that the action taken against our project was incorrect and violating provisions of the agreement," SPML Infra Chairman Subhash Sethi.
"We are hopeful that our regular arbitration seeking compensation for damages caused by various measures imposed by the state government will also be considered," he said in a statement.
(ANI)
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