Engineering and Construction company Clough Limited advised that Clough Engineering Limited and ONGC have settled their disputes arising from the former G1 Development Project in India on a full and final basis and have today executed a formal Settlement Agreement.
The settlement includes for CEL to transfer to ONGC its rights, title and interest in all project materials, equipment and services held by CEL, while ONGC pays a Settlement Sum of US $32 million. It also brings to an end all litigation between CEL and ONGC.
This settlement will not have a material impact on half year or full year earnings.
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