GE Power India Ltd settles arbitration with Navayuga Engineering Company Ltd

GE Power India Limited (the Company) has entered into a settlement agreement with Navayuga Engineering Company Limited (NECL) regarding an arbitration related to the E&M Turnkey Contract between the Company and NECL has been ongoing since 2020. During the course of the legal proceedings, the parties reached an agreement to amicably resolve the dispute. As part of the full and final settlement, NECL has agreed to pay a sum of INR 31,45,26,287 (Rupees Thirty-One Crores Forty-Five Lakhs Twenty-Six Thousand Two Hundred and Eighty-Seven Only). Under this agreement the installments are spread across on a quarterly basis and the last installment will be received in 2026.

As part of the full and final settlement, NECL has agreed to pay a sum of INR 31,45,26,287 (Rupees Thirty-One Crores Forty-Five Lakhs Twenty-Six Thousand Two Hundred and Eighty-Seven Only).

The settlement is to be accounted for in accordance with the provisions of the Business Transfer Agreement between the Company and GE Power Electronics (India) Private Limited (now renamed as GE Vernova Hydro Power India Private Limited) for the sale and transfer of the hydro business undertaking of the Company.

Source : Equity Bulls

Keywords

GEPowerIndia Arbitration Settlement NavayugaEngineeringCompany