Man Infraconstruction arm wins arbitral award of Rs. 338 crore

A subsidiary of Man Infraconstruction, Manaj Tollway Private Limited has won an arbitration case against Government of Maharashtra's PWD, the company informed through a filing to the exchange on Tuesday.

The Arbitrator has awarded Manaj Tollway Rs. 337.88 crore, it has also directed the Public Works Department (PWD), Pune to pay an interest at 15 per cent per annum from the date of this award to the actual date of payment. The company had given a termination notice and invoked the case against the PWD.

Pune's PWD department had in July 2012 signed a Design, Build, Finance, Operate and Transfer (DBFOT) basis concession agreement with Manaj Tollway for 64 Km four laning of Hadapsar- Saswad- Belsarphata state highway and 61 km state highway from Hadapsar to Jejuri MIDC in Taluka Purandar, District Pune. The estimated cost of the project was Rs. 358.37 crore.

The stock of Man Infraconstruction opened at Rs. 47.80 per share. At 10:10 the stock was quoting Rs. 46.70 per share, down by 1.89 per cent. Volume-wise the stock was trading more than its 50-day moving average, while its delivery volume on Monday was up by 571.75 per cent compared to its 5-day average delivery volume.

Man Infraconstruction is a Mumbai-based construction services company that builds residential, industrial, commercial, as well as port and road infrastructure projects. For the June quarter, the company reported net revenues of Rs. 58.11 crore and a net profit of Rs. 31.01 crore.