Latest news with #APCPL
India.com
a day ago
- Business
- India.com
Good news for Anil Ambani, Reliance Infra wins Rs 5260000000 arbitration award against…
Reliance Infrastructure (RInfra) on Wednesday said it has secured an arbitration award of Rs 526 crore against Aravali Power Company Pvt Ltd. 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)
Time of India
a day ago
- Business
- Time of India
Reliance Infra wins ₹526-crore arbitration award against Aravali Power
Reliance Infrastructure on Wednesday said it has been awarded an arbitration award of ₹526 crore against Aravali Power Company (APCPL) for the wrongful termination of a contract, reports The Economic Times. The dispute dates back to 2018 when Reliance Infra initiated arbitration proceedings after APCPL terminated the contract. According to a company statement, the funds from this award will be used for 'capital growth'. A three-member arbitral tribunal, in a majority decision, ruled that APCPL's termination of the contract was illegal, invalid and wrongful. The tribunal partly allowed Reliance Infra's claims for damages and costs incurred as a result of the termination. The announcement comes amidst a separate legal battle between the two companies. On July 1, the Delhi High Court sought a response from Reliance Infra regarding a petition filed by Aravali Power. This petition is aimed at enforcing a separate ₹600-crore arbitral award that Aravali Power had won against the Anil Ambani-led firm in December of the previous year. The case also stemmed from a contract breach allegation by Aravali Power, which led to a notice of termination and the invocation of arbitration in 2018. In that instance, a Supreme Court-appointed three-member arbitral tribunal granted Aravali Power a principal amount of ₹419 crore, along with ₹5 crore in costs and ₹149 crore in interest.
