Good news for Anil Ambani, Reliance Infra wins Rs 5260000000 arbitration award against…
In an exchange filing, the company stated that the arbitration was initiated after Aravali Power wrongfully terminated a contract in 2018. RInfra Wins Rs 526 cr Arbitration Award
'The arbitral tribunal, by a majority award, has held the termination to be invalid and awarded consequential claims Rs 526 crore in favour of Reliance Infrastructure,' it said. Proceeds from the award will be utilised for growth capital, RInfra said.
Reliance Infrastructure is a major player in providing Engineering and Construction (E&C) services for developing power, infrastructure, metro and road projects. Why RInfra Invoked Arbitration Against APCPL?
Reliance Infrastructure (RInfra) had invoked arbitration against Aravali Power Company Pvt Ltd (APCPL) in 2018, after the latter's termination of a contract that RInfra claimed was wrongful. The dispute began after APCPL alleged a breach of contract, issued a termination notice, and also invoked arbitration the same year.
On July 1, the Delhi High Court sought RInfra's response to a petition by APCPL seeking enforcement of a Rs 600-crore arbitral award it secured against the Anil Ambani-led firm in December last year.
RInfra is part of the Reliance Group, is an Indian private-sector enterprise engaged in power generation, infrastructure, construction, and defence. As of August 13, the company's market capitalisation was at Rs 10,501 crore.
(With Inputs From PTI)
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