Arbitrators consented to Punj Lloyd’s plea, seeking compensation for expenses incurred in laying a pipeline at Hazira for ONGC. They also accepted ONGC’s counter claims and asked Punj Lloyd to pay Rs 6 cr for an unutilised advance payment.
This deal included sale of 33.34 per cent stake in the DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by DCCDL.
The 50:50 joint venture will develop total 2 million sq ft project with total 932 hotel rooms, 6.45 lakh sq ft office space apart from a 2 lakh sq ft convention centre.
Adani had moved the high court last month seeking execution of its agreement with Bid Services Division Mauritius (Bidvest) for sale of its stake in the airport.
Addressing the shareholders at the AGM, chairman Anil Ambani also said the group's defence businesses will also follow an asset- and capital-light model.
The six decade old company and Turkey's Kaylon Group have signed an agreement to take up infra projects jointly.
The development work of the airport is expected to commence in 2020 and the first phase will be completed by 2023.
The announcement was made in the presence of Governor of New Jersey Phil Murphy, who is currently on a bilateral trade visit to India.
The JV, Soma Roadis, has four highway concessions under the build-operatetransfer model in India, stretching 710 km — Panipat-Jalandhar (291 km), Kishangarh-Ajmer-Beawar (94 km), Surat-Hazira Port (133 km) and Varanasi-Aurangabad (192 km).
The company said the order falls under the 'major' category, which ranges between Rs 5,000 crore and Rs 7,000 crore according to the classification of contracts.
Adani in its suit filed on September 4 has claimed that its share purchase agreement dated March 5, 2019 with Bidvest, held through its Mauritian arm, is valid, subsisting and binding.
This is the third time allegations of fraud are being levelled against Indiabulls Housing since May, when it announced a plan to merge with Lakshmi Vilas Bank.
The company is under liquidation as a going concern following an order by the National Company Law Tribunal (NCLT), Hyderabad nench.
NHAI alone is to clear claims of over Rs 50,000 crore to road developers, despite losing cases in arbitration.
The NCLT had asked the company's financial creditors and homebuyers to submit their claims against the company by September 8.
A bench of justices A M Khanwilkar and Dinesh Maheshwari issued notice to the National Buildings Construction Corporation Limited (NBCC) and sought its reply by Thursday.
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