Bharat Heavy Electricals Limited (BHEL) has disclosed that it is facing an arbitration claim filed by UAE-based Dipon Gulf General Contracting LLC. The claim, amounting to approximately $29.67 million, has been lodged with the Singapore International Arbitration Centre (SIAC). The dispute pertains to additional payments that the claimant alleges are due for extra work carried out under contracts related to the Maitree Project in Bangladesh.
According to BHEL, the claims made by Dipon Gulf General Contracting LLC are not justified as the company asserts that no additional work beyond the contractual scope was undertaken by the claimant. The engineering giant has further stated that the other claims raised by the UAE-based firm are also not valid under the contractual provisions.
BHEL has yet to finalize its counterclaim in response to the arbitration proceedings. The disclosure of this arbitration case was made through an official communication to the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for investor awareness and regulatory compliance. The matter is now under legal proceedings, and further developments will be closely watched.
