Afcons Infrastructure Limited Receives Arbitration Award from ONGC
Afcons Infrastructure Limited announced on March 17, 2026, that it received an Arbitration Award concerning a dispute with Oil and Natural Gas Corporation Limited (ONGC). The award stems from arbitration proceedings related to the ICPR Process Platform project works.The arbitration involved Afcons Gunanusa Joint Venture, a joint venture between Afcons Infrastructure Limited and PT Gunanusa Utama Fabricators, Indonesia, and ONGC. The Arbitral Tribunal awarded INR 3.35 crores against certain claims of the joint venture and rejected ONGC’s counterclaims. The tribunal also directed ONGC to release the joint venture’s bank guarantee.
According to the award, passed on March 10, 2026, the management is currently evaluating the financial implications and considering available legal options due to apparent errors and omissions in the Arbitration Award. The company will consider appropriate accounting treatment in the forthcoming financial statement.
Here's a summary of the Arbitration Award details:
| Particulars | Details |
|---|---|
| Authority | Arbitral Tribunal |
| Nature of Action | Awarded INR 3.35 crores against some of the claims of the AGJV and rejected the entire counterclaims of ONGC and also directed ONGC to release the Bank Guarantee of AGJV. |
| Date of Receipt | March 17, 2026 |
| Status Change | N/A |
| Litigation Against Key Personnel | N/A |
| Impact on Activities | Management is evaluating financial implications and considering legal options. |
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