IL&FS Engineering & Construction Co receives arbitration award for JV project.

IL&FS Engineering & Construction Co has received an arbitration award in favour of joint venture with Gayatri Projects for ₹914.3 crore.

The arbitration award was for the Nagaland Road Project, the company said.

Further, future interest of 12 per cent per annum till realisation, with concurrent release of bank guarantees will also be a part of the settlement.

After completion of the court process the realised awarded amount shall be shared between the part, the company added.

HBL