Thermax directed to repair, reinstate Gas Turbo Generator at the customer’s plant at own expense

Thermax Ltd, the energy and environment solutions company, has been directed by an Arbitral Tribunal to repair and reinstate two Gas Turbo Generator (GTGs) at a customers plant at the companys own cost and expenses...

The Arbitrator has directed the Company to repair and reinstate both the GTGs at Customers plant at the Companys own cost and expenses under the defect liability clause..

The Arbitrator also allowed the customers claim on additional expenditure on power and directed the company to pay 173.72 crore with interest along with a sum of 95 lakh as arbitration cost to the Customer," Thermax said in an exchange filing..

Thus, the award would have an estimated total financial impact of approximately 250 crore on Thermax, it added..