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Reliance Infrastructure wins ₹1,250 cr arbitration award against DVC

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The arbitration tribunal awarded the case in favour of Reliance Infrastructure and directed DVC to pay ₹896 crore and return the bank guarantees of ₹354 crore within four weeks or pay additional interest, at the rate of 15% per annum, for any delay in payment beyond four weeks.

Reliance Infrastructure on Monday said it has won an arbitration award of ₹1,250 crore against Damodar Valley Corporation (DVC).

The proceeds will be used to pay lenders and reduce the debt of the company, the infrastructure firm said in a filing to BSE.

A three-member arbitration tribunal unanimously gave the award in favour of Reliance Infrastructure, it added.

Reliance Infrastructure was the engineering and construction contractor for DVC’s 1200 mw Raghunathpur thermal power project in West Bengal commissioned in 2012.

The arbitration tribunal awarded the case in favour of Reliance Infrastructure and directed DVC to pay ₹896 crore and return the bank guarantees of ₹354 crore within four weeks or pay additional interest, at the rate of 15% per annum, for any delay in payment beyond four weeks.

“Pursuant to the recent Niti Aayog circular, Reliance Infrastructure will request DVC to pay 75% of the arbitral award against bank guarantee immediately,” the company said.

Source: PTI

(The story has been published from a wire feed without any modifications to the text)

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