6 hours Ago By CNBCTV18
Anil Ambani's flagship firm Reliance Infrastructure Ltd on Friday (December 20) said it has been ordered to pay ₹ 494 crore, along with interest, following an arbitral award passed on December 18, 2024, in a dispute with Aravali Power Company Private Ltd (APCPL) over an EPC contract. Share Market View All Nifty Gainers View All Company Value Change %Change "..
it is hereby informed that today the company is in receipt of an arbitral award dated December 18, 2024 (Award) passed by an arbitral tribunal in the matter of arbitration between Aravali Power Company Private Limited (APCPL) and the company in relation to an EPC Contract," Reliance Infrastructure said in a regulatory filing. The three-member tribunal ruled in favour of APCPL by a 2:1 majority. "A three-member arbitral tribunal by a 2:1 majority held in favour of APCPL.
The Award against the Company is a for a sum of ₹ 494 crore along with interest," it said. Also Read: SC issues contempt notice to Axis Bank, Reliance Infra unit over DMRC refund dispute The company is reviewing the award and plans to challenge it through appropriate legal proceedings to safeguard its interests. "The company is in the process of undertaking a detailed review of the Award and will initiate appropriate proceedings, as per legal advice, to challenge the Award and shall take all steps to safeguard its interest," Reliance Infrastructure added.
Last month, Reliance Infrastructure said its wholly-owned subsidiary JR Toll Road Private Limited (JRTR) has executed a settlement agreement with Yes Bank Limited (YBL) to resolve its entire outstanding debt. The agreement, dated November 26, 2024, marks the closure of a financial obligation amounting to about ₹271.18 crore, which includes principal and accrued interest, the company said in a stock exchange filing.
Also Read: Calcutta High Court backs Reliance Infra with ₹780 crore arbitration ruling against Damodar Valley Corp This settlement also absolves Reliance Infrastructure, which acted as the corporate guarantor for JRTR, of any further liabilities related to the loan, the company mentioned in the stock exchange notification. On Friday (December 20), shares of Reliance Infrastructure Ltd ended at ₹287.25, down by ₹6.
60, or 2.25% on the BSE..
