In July 2012 L&T filed for arbitration proceedings against the cement maker to claim US$33.8m in unpaid bills and payment delays. L&T alleged that Zuari failed to pay US$5.66m it owed to the engineering company for the construction of a 5500t/day cement plant at Yeraguntala in Andhra Pradesh. L&T claimed the rest of the amount as a penalty for payment delay and for cashing a performance guarantee.
Zuari Cement settles with L&T for US$33.8m
Written by Global Cement staff
India:Zuari Cement, a subsidiary of Italian major cement producer Italcementi Group, has agreed to make a lump-sum payment to settle a dispute with engineering and construction company Larsen and Toubro (L&T) over unpaid bills.
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