Intimation Of Settlement Reached Before Conciliation Committee Between Moradabad Bareilly Expressway Limited And National Highways Authority Of India

• Security Code: 533177
• Company: IL&FSTRANS

We wish to inform that at the Conciliation Committee Meeting of the Independent Experts appointed by the National Highways Authority of India ('NHAI') held today, a Settlement Agreement was signed by Moradabad Bareilly Expressway Limited ('MBEL'), a subsidiary of the Company on various claims filed against NHAI in relation to the work of development, maintenance and management of a highway from Moradabad to Bareilly in the State of Uttar Pradesh ("the Project")

Pursuant to the Settlement, MBEL will be paid a claim compensation of ? 425 Crore by NHAI for the losses suffered by it on account of the cost overrun for development of the Project. The Settlement Agreement is not subject to any appeal by NHAI and the disbursement of the compensation amount will be effected by NHAI in due course