GE Power India Settles Dispute with Navayuga Engineering
Sep 03, 2024 12:53
GE Power India has reached a settlement agreement with Navayuga Engineering Company Ltd, resolving an arbitration related to an E&M contract. The settlement involves a payment of Rs 31.45 crore spread across quarterly installments until 2026.
New Delhi, Sep 3 (PTI) GE Power India on Tuesday said it has entered into a settlement agreement with Navayuga Engineering Company Ltd (NECL).
As part of the full and final settlement, NECL has agreed to pay a sum of Rs 31,45,26,287, a BSE filing said.
Under this agreement, the instalments are spread across on a quarterly basis and the last instalment will be received in 2026, it stated.
An arbitration related to the E&M (Electrical and Mechanical) Turnkey Contract between the company and NECL has been ongoing since 2020, it said.
During the course of the legal proceedings, the parties reached an agreement to amicably resolve the dispute.
Regarding the financial impact of the settlement, it said, "To be accounted for in accordance with the provisions of the business transfer agreement between GE Power India and GE Power Electronics (India) Pvt Ltd (now renamed as GE Vernova Hydro Power India Pvt Ltd) for the sale and transfer of the hydro business undertaking of the company.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.