Reliance Infrastructure secures a significant win in an arbitration case worth Rs 526 crore against Aravali Power, following the termination of their 2018 contract.
Reliance Infrastructure, a prominent Indian infrastructure company associated with business magnate Anil Ambani, has won an arbitration award of Rs. 526.23 crore against Aravali Power Company Private Limited (APCPL). The decision, made by a three-member arbitral tribunal, found APCPL's termination of a contract with Reliance Infrastructure to be "illegal, invalid, and wrongful."
The dispute between the two companies arose in 2018 when APCPL alleged a breach of contract by Reliance Infrastructure and issued a termination notice. However, Reliance Infrastructure contested the termination as wrongful, leading to arbitration.
The award includes Rs. 419 crore as the principal amount, Rs. 5 crore as costs, and Rs. 149 crore as interest on the principal sum, including future interest until payment is made. The company plans to use the award proceeds to become bank debt-free and to fund future growth initiatives.
This arbitration win is a significant victory for Reliance Infrastructure in their ongoing dispute with Aravali Power. The news has created a ripple effect in India's business news, with the share market and stock market quotes being affected.
In another development, the Supreme Court of India has granted Reliance Infrastructure permission to recover Rs. 28,483 crore through its subsidiaries over a period of four years. The specific reasons for this decision are not detailed in the article.
Meanwhile, Tata Motors, another major Indian company, has reserved its demerger decision by the National Company Law Tribunal. The exact reasons for this decision are not specified in the article.
As more information about the dispute between Reliance Infrastructure and Aravali Power is expected to be released soon, this is a breaking story that is still unfolding. Stay tuned for updates.
[1] Reliance Infrastructure Wins Rs. 526 Crore Arbitration Award Against Aravali Power
[2] Reliance Infrastructure's Arbitration Win Against Aravali Power: What It Means
[3] Reliance Infrastructure to Use Rs. 526 Crore Arbitration Win to Become Bank Debt-Free
[4] Aravali Power's Wrongful Termination of Contract with Reliance Infrastructure Leads to Arbitration
Read also:
- A Business Model Explained: Its Purpose and Benefits for Your Venture
- Deep-rooted reinforcement of Walkerhughes' acquisitions through strategic appointment of Alison Heitzman
- Unchecked Management of HP Dams Leads to Environmental Disaster: RTI Reveals
- Impact of Trump's Enforced Russia Sanctions Could Compel Putin's Decision-Making
