PSP Projects wins ₹61-crore arbitration award from Bhiwandi Nizampur Municipal Corporation

Construction firm PSP Projects Ltd on Monday (January 12) said it has received a favourable arbitration award in its proceedings against Bhiwandi Nizampur City Municipal Corporation (BNCMC). The Arbitral Tribunal pronounced the award on January 11, 2026, concluding the arbitration between the two parties.

Under the award, BNCMC has been directed to pay PSP Projects a principal amount of ₹61.44 crore along with interest accrued up to the date of the award, within 60 days. If BNCMC fails to make the payment within the stipulated period, it will be liable to pay interest at 11% per annum on the awarded amount plus accrued interest from the date of the award until actual payment.

Also Read: Adani Infrastructure acquires 34.41% stake in PSP Projects, joins as promoter with joint control

The arbitration follows earlier proceedings initiated by PSP Projects. PSP Projects stated that the award is not a settlement but a final arbitral decision.

PSP Projects undertakes industrial, institutional, residential, and luxury developments, including landmark projects such as the Surat Diamond Bourse.

Shares of PSP Projects Limited ended at ₹835, up by ₹1.90, or 0.23%, on the BSE today, January 12.

Also Read: PSP Projects wins construction orders worth ₹1,764 crore in Ahmedabad