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Kalpataru Projects International’s 49.57%-owned JV, Kurukshetra Expressway Pvt Ltd

ICICIdirect Research 30 Sep 2026 DISCLAIMER

News: Kalpataru Projects International’s 49.57%-owned JV, Kurukshetra Expressway Pvt Ltd (KEPL), said the Delhi High Court on September 28, 2026 upheld its July 28 order partially setting aside the arbitration award against NHAI. The court had set aside the ₹911.13 crore Termination Payment claim and related interest, while upholding awards on other claims. KEPL believes it has a strong case and is taking legal steps to challenge the order.

View: The ₹911.13 crore Termination Payment claim remains set aside, limiting visibility on potential recovery from the KEPL arbitration dispute. However, KEPL continues to pursue legal remedies, while awards pertaining to other claims remain upheld; the ultimate financial impact will depend on the outcome of further proceedings.

Impact: Negative

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