PNC Infratech Ltd on Friday said its subsidiary, PNC Kanpur Highways Ltd, has received a payment of ₹390.62 crore from the National Highways Authority of India (NHAI) as part of a settlement agreement. “PNC Infratech Limited regarding (Company) is pleased to intimate about the receipt of ₹390.62,84,340.00 being the net amount after deduction of tax at source (TDS) in terms of the Settlement Agreement executed on 9.5.2024 between National Highways Authority of India (NHAL/Procuring Entity) and PNC Kanpur Highways Limited (Concessionaire), according to a stock exchange filing.
PNC Infratech said this payment, made under the Government of India’s ‘Vivad Se Vishwas II (Contractual Disputes)’ Scheme, was executed on May 9, 2024.The total settlement amount agreed upon was ₹398.60 crore, from which tax deductions at source (TDS) were applied, resulting in the net receipt of ₹390.62 crore, the company said.
This agreement falls under Section 73(2) of the Arbitration and Conciliation Act 1996. The settlement was finalised on May 31, 2024, marking a significant resolution of contractual disputes between NHAI and PNC Kanpur Highways Ltd.
Shares of PNC Infratech Ltd ended at ₹519.25, up by ₹5.50, or 1.07% on the BSE.