Jayshree Chemicals Loses Arbitration Case, Liable for ₹56.8 Cr+

Jayshree Chemicals Limited has received an unfavorable order from the Commercial Court in Bhubaneswar regarding Arbitration (P) No. 61 of 2024. The court dismissed the company's petition and upheld an Arbitral Award dated April 12, 2024. This means Jayshree Chemicals is liable to pay Grasim Industries Limited approximately ₹2.11 Cr with interest for reimbursement of costs, ₹28.70 Cr for remediation costs, and ₹25 lakhs for arbitration costs. The dispute stems from a Business Transfer Agreement for a Caustic Soda Plant and subsequent environmental deposit obligations. The company is exploring further legal options.