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National Highways Authority of India (NHAI) has completed settlement of Rs 707 crore towards Fagne Songadh Expressway Ltd (FSEL), a subsidiary of IL&FS Transaportation Networks Ltd for foreclosure of the project.

FSEL has received the compensation amount on March 9, 2021 and handed over the pproject to NHAI, ITNL said in a regulatory filing.

"FSEL had entered into a Settlement Agreement with National Highways Authority of India on February 19, 2021 for foreclosure of the Project at a compensation of Rs 707 crore pursuant to the discussions held through the Conciliation Committee of Independent Experts appointed by NHAI subject receipt of necessary approvals," it said.

The company had undertaken the development of Fagne-Maharashtra/Gujarat border section of National Highway No 6 in the states of Gujarat and Maharashtra.