IRCON International challenge arbitration award

IRCON International Ltd

has disclosed a significant development in its arbitration dispute with Afcons Infrastructure Ltd. relating to work package T-74R-A. Afcons had raised a claim of ₹359.72 crore on February 22, 2023, in connection with the dispute. The majority members of the arbitral tribunal had earlier, on June 29, 2026, awarded ₹147.14 crore against IRCON, representing around 41% of Afcons' original claim. Subsequently, on September 23, 2026, the minority member of the tribunal issued a dissenting opinion and awarded ₹23.64 crore against the same claim of ₹359.72 crore. The wide difference between the majority and minority views indicates a substantial divergence within the tribunal over the amount payable. IRCON has stated that the arbitration process is now complete, but the company does not intend to accept the majority award without challenge. It plans to challenge the award before the High Court of Delhi in accordance with applicable law. Therefore, the final financial liability arising from the dispute remains subject to the outcome of the judicial proceedings. For IRCON, the key point is that the ₹147.14 crore award is currently disputed by the company, while the ₹23.64 crore figure represents the minority tribunal's dissenting view rather than a separate additional liability. The eventual impact on the company will depend on the Delhi High Court proceedings and any subsequent legal developments.