Settlement Reached Between GE Power India and NECL

GE Power India has entered into a settlement agreement with Navayuga Engineering Company Ltd (NECL). NECL will pay Rs 31.45 crore in quarterly installments, concluding in 2026. The agreement resolves an arbitration related to an E&M Turnkey Contract ongoing since 2020. The settlement will be accounted for according to a business transfer agreement.

GE Power India announced on Tuesday that it has finalized a settlement agreement with Navayuga Engineering Company Ltd (NECL).

The settlement will see NECL paying a total of Rs 31,45,26,287, as disclosed in a BSE filing.

The payments, spread out quarterly, are to be completed by 2026.

The deal puts an end to an arbitration process that began in 2020 concerning an E&M Turnkey Contract between the two companies.

Both parties have opted for an amicable resolution through this agreement.

The financial impact of the settlement will be handled according to the business transfer agreement between GE Power India and GE Vernova Hydro Power India Pvt Ltd.

(With inputs from agencies.)