RInfra Wins Rs 526 Cr Arbitration Award
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Reliance Infrastructure wins Rs 526 crore arbitration award against Aravali Power Company. Contract termination deemed invalid.
New Delhi, Aug 13 (PTI) Reliance Infrastructure (RInfra) on Wednesday announced winning an arbitration award of Rs 526 crore against Aravali Power Company Pvt Ltd.
According to an exchange filing, Reliance Infrastructure had invoked arbitration against the wrongful termination of a contract by Aravali Power in 2018.
"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.
According to an exchange filing, Reliance Infrastructure had invoked arbitration against the wrongful termination of a contract by Aravali Power in 2018.
"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.
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