However, Afcons will receive the money only if UPEIDA does not challenge the arbitration award within the time allowed under law.
The arbitral tribunal ruled in favour of Afcons on August 24, according to a regulatory filing by the company.
Of the total ₹335.50 crore award, ₹152.25 crore relates to Afcons’ main claim, while ₹183.25 crore is interest.
The interest has been calculated from May 1, 2019, to August 24, 2026, based on the State Bank of India base rate and compounded quarterly.
The interest portion is therefore larger than the original amount awarded to Afcons, accounting for more than half of the total ₹335.50 crore.
Afcons said the arbitration award would have an impact on its financial position but did not specify how much it could affect its profit, cash flow or balance sheet.
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Payment depends on whether UPEIDA challenges the award
The ₹335.50 crore will become payable if UPEIDA does not challenge the tribunal’s ruling within the legally permitted period.
Afcons did not say whether UPEIDA plans to challenge the decision or when the company could receive the money.
The company also said the dispute did not involve its key management personnel, promoter or ultimate controlling person.
Second arbitration award for Afcons in two months
The latest ruling comes less than two months after Afcons won another arbitration case.
On June 30, the company announced an arbitration award of ₹148.67 crore related to a tunnel project in Jammu and Kashmir.
That dispute arose from the construction of the remaining work on Tunnel T74-R on the Dharam-Qazigund section of the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project.
The tribunal awarded ₹148.67 crore to Afcons and also ordered the release of a bank guarantee linked to the project.
Afcons Infrastructure shares closed at ₹279 on Monday, largely unchanged from their previous close.
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