Afcons Infrastructure Limited has received an arbitration award amounting to ₹3.35 crore in its favour against Oil and Natural Gas Corporation Limited (ONGC). The award was granted by an Arbitral Tribunal in relation to the ICPR Process Platform project works, which involved claims by the Afcons Gunanusa Joint Venture (AGJV) against ONGC.
The arbitration proceedings were initiated due to disputes over claims and counterclaims between AGJV, a joint venture between Afcons Infrastructure and PT Gunanusa Utama Fabricators, Indonesia, and ONGC. The Arbitral Tribunal’s decision not only awarded the sum of ₹3.35 crore to AGJV but also dismissed all counterclaims made by ONGC. Additionally, the tribunal directed ONGC to release the bank guarantee held against AGJV.
The arbitration award was passed on 10th March 2026, with Afcons Infrastructure receiving the official communication via email on 17th March 2026. While the award favours Afcons Infrastructure, the company noted that there are apparent errors and omissions within the award document. As a result, the management is currently assessing the financial implications and considering available legal options.
Afcons Infrastructure plans to address any necessary accounting treatments in its forthcoming financial statements, ensuring that the award’s impact is accurately reflected.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).