HCC, one of the leading construction company, said Wednesday the company has bagged an order worth Rs 2.08 billion. This include contract from the Municipal Corporation of Brihan Mumbai for laying 1.765 km M.S pipelines and another contract is from a petrochemical company for construction of Off-Gas cracker and LLDPE process units.
Besides these orders, HCC has secured L1 a position in nine tenders aggregating to Rs 30.92 billion in which HCC's share is pegged Rs 29.64 billion.
Further the company said the Delhi High court on Sept. 22, 2014 has granted relief to HCC, directing payment of Rs 2.25 billion to HCC on its furnishing bank guarantee to the Delhi High court to the extent of 50% of the value, in respect of the dispute arising out of extension of time claims in Allahabad Bypass road project.
Praveen Sood, group chief financial officer said, "It has been the company's endeavour in the last few quarters to procure more contracts and recover its outstanding dues with its clients. The latest order by the Delhi high court vindicates HCC's position in respect of awarded claims. This also paves the way for payment of concluded arbitral awards to the tune of abut more than Rs 10 billion."
