GE Power India Ltd. entered into a settlement agreement with Navayuga Engineering Co. As part of the full and final settlement, NECL has agreed to pay a sum of Rs 31.45 crore, the company said in an exchange filing.
Under this agreement, the instalments are spread across on a quarterly basis and the last instalment will be received in 2026, it stated. An arbitration related to the E&M (Electrical and Mechanical) Turnkey Contract between the company and NECL has been ongoing since 2020, it said.
During the course of the legal proceedings, the parties reached an agreement to amicably resolve the dispute.
Regarding the financial impact of the settlement, it said, "To be accounted for in accordance with the provisions of the business transfer agreement between GE Power India and GE Power Electronics (India) Pvt.(now renamed as GE Vernova Hydro Power India Pvt Ltd) for the sale and transfer of the hydro business undertaking of the company."
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