NHAI Issues Termination Warning To Kalpataru Unit Over Premium Default

Kalpataru Projects International Ltd. on Friday said its subsidiary Wainganga Expressway Pvt. Ltd. has received an 'Intention to Issue Termination Notice' from the National Highways Authority of India over alleged defaults in premium payment and other matters. NHAI has also raised a ₹3.51 billion claim, the company said in a stock exchange filing.

Wainganga Expressway is contesting the claim, citing a prior arbitration award in its favour that included dues from NHAI. The highway authority has already challenged the August 2024 arbitration ruling. Kalpataru said the subsidiary believes the termination notice will not have any significant financial impact and is considering legal remedies.