Anil Ambani-led RInfra wins Rs 2 billion arbitration against NHAI

Reliance Infrastructure (RInfra) has won a Rs 2 billion arbitration award against the National Highway Authority of India (NHAI), the company said on Monday.

In a statement, the company said that a three-member Arbitration Tribunal, on August 31 in a unanimous award asked the NHAI to pay RIfra Rs 1.5 billion by November 29.

"NHAI will have to pay interest at 12 per cent per annum on the amount if they do not pay Rs 1.5 billion by the deadline," it said.

"The Tribunal has also awarded Reliance Infrastructure compensation at 13.5 per cent of actual revenue for the loss of revenue suffered due to change in location of the toll plaza.

"This is payable from March 2017 till the end of concession on January 14, 2038. Net present value of this future cash flow is estimated at over Rs 500 million."