Zuari agrees to pay lump sum in L&T dispute, India

Zuari Cement, a subsidiary of Italian cement major Italcementi, has agreed to pay a lump sum to settle an acrimonious dispute with engineering and construction company Larsen & Toubro (L&T) over unpaid bills, the Economic Times of India reports citing sources familiar with the situation. The amount Zuari Cement is set to pay is undisclosed.

Last month L&T filed for arbitration proceedings against Zuari Cement to claim INR188.5 crore in unpaid dues and payment delays. L&T alleged that Zuari failed to pay INR31.53crore it owed for the construction of a 5500tpd cement plant at Yeraguntala in Andhra Pradesh.