NHAI and Fagne Songadh Expressway settlement of 707 crore, handed project to NHAI, ITNL

New Delhi: National Highways Authority of India (NHAI) has completed a settlement of Rs 707 crore towards Fagne Songadh Expressway Ltd (FSEL), a subsidiary of IL&FS Transportation Networks Ltd for foreclosure of the project.

FSEL has received the compensation amount on March 9, 2021, and handed over the project to NHAI, ITNL said in a regulatory filing.

“FSEL had entered into a Settlement Agreement with National Highways Authority of India on February 19, 2021, for foreclosure of the Project at a compensation of Rs 707 crore pursuant to the discussions held through the Conciliation Committee of Independent Experts appointed by NHAI subject receipt of necessary approvals,” it said.

The company had undertaken the development of the Fagne-Maharashtra/Gujarat border section of National Highway No 6 in the states of Gujarat and Maharashtra.