Date: February 21, 2025
Company: Bharat Heavy Electricals Limited (BHEL)
Bharat Heavy Electricals Limited (BHEL) has disclosed details of an arbitration claim filed by M/s Dipon Gulf General Contracting LLC, UAE. The dispute relates to alleged additional work carried out by Dipon Gulf under contracts executed at the Maitree Project in Bangladesh.
Claim Overview
- Claimant: Dipon Gulf General Contracting LLC, UAE
- Respondent: BHEL
- Claim Amount: USD 29.67 million (as per intimation to the Singapore International Arbitration Centre - SIAC)
- Counterclaim by BHEL: Yet to be finalized
Case Details
Dipon Gulf has invoked arbitration, seeking additional payments for work it claims was performed beyond the contractual scope. However, BHEL maintains that no additional work was undertaken beyond the agreed contractual terms and asserts that the claims are untenable under contract provisions.Next Steps
BHEL has not yet disclosed its counterclaim amount, stating that it is being finalized. The proceedings will be conducted under the Singapore International Arbitration Centre (SIAC) rules.This disclosure aligns with regulatory requirements and has been communicated to BSE Limited and the National Stock Exchange of India (NSE).
Given the substantial claim amount involved, investors and stakeholders will closely monitor the case's outcome.