IL&FS has received Rs 693 crore in settlement claims form the National Highways Authority of India (NHAI) for two road projects. ITNL, subsidiary of IL&FS received a settlement of Rs 673 crore for the Kiratpur Ner Chowk Expressway Limited (KNCEL) and Rs 20 crore for the Chenani Nashri Tunnelway Limited (CTNL) from NHAI. These settlements are part of the NHAI's conciliation process to resolve stuck projects.
NHAI and the Ministry of Road Transport and Highways (MoRTH) have settled aggregate IL&FS claims of over Rs 1,804 crore across six road projects, including KNCEL and CTNL, said the company in a statement.
The Fagne Songadh Expressway Ltd (FSEL), a 100 per cent subsidiary of ITNL, completed its settlement after receiving Rs 707 crore with NHAI earlier under the MoRTH policy on stuck-up projects.
NHAI had also settled other IL&FS claims including the Jorabat Shillong Expressway at Rs 252 crore, Baleshwar Kharagpur Expressway Limited at Rs 8 crore, and ITNL Road Infrastructure Development Company at Rs 144 crore.
As many as 10 projects of IL&FS of Rs 15,000 crore were stuck with the government.
The new framework was to salvage languishing road projects. The highways ministry in March last year issued a set of guidelines to revive stuck national highway projects. The guidelines say that the concerned authority (NHAI/NHIDCL/PWD) would pay for the completed or executed work.
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