JITF Infralogistics arm JITF Urban Waste Management Ferozepur gets arbitration award; Stock soars 5%

27 Jan 2022 , 09:23 AM

JITF Infralogistics Ltd has announced in reference to the arbitration proceedings between JITF Urban Waste Management (Ferozepur) Limited, a subsidiary of the Company and Municipal Corporation Moga and Department of Local Government, Punjab with respect to Concession Agreement for development, construction, operation and maintenance of an integrated Municipal Solid Waste Management Project for Ferozepur Cluster in Punjab.

In respect of the matter, the Arbitral Tribunal has published and pronounced the final award in the above arbitration. The award has gone in favor of JITF Urban Waste Management (Ferozepur) Limited. The aggregate amount of various claims under the award of Rs.92,29,34,667 plus interest as per award. It is also to be noted that Municipal Corporation has the right to recourse against this award as per the provisions of Arbitration & Conciliation Act, 1996, said Company.

At around 9:22 AM, JITF Infralogistics was trading at Rs119.40 per piece higher by 4.97% on the BSE.