Business Update28 Sept 2024, 11:51 pm
Reliance Infrastructure Wins Rs. 780 Crore in Arbitration Case Against Damodar Valley Corporation
AI Summary
Reliance Infrastructure Ltd. has won a significant legal battle against Damodar Valley Corporation (DVC) in a petition filed by DVC challenging an arbitration award. The Division Bench of the Hon’ble High Court of Calcutta delivered its judgment on September 27, 2024, upholding the arbitration award amounting to approximately Rs. 780 crore, including accrued interest, concerning the Raghunathpur Thermal Power Project. The BG of Rs. 600 crore will also be released. The company is reviewing the judgment and will proceed based on legal advice.
Key Highlights
- Reliance Infrastructure wins Rs. 780 crore in arbitration case against Damodar Valley Corporation.
- The judgment upholds the arbitration award concerning the Raghunathpur Thermal Power Project.
- Approximately Rs. 780 crore, including accrued interest, to be received by Reliance Infrastructure.
- BG of Rs. 600 crore to be released.
- Reliance Infrastructure is currently reviewing the judgment and will proceed based on legal advice.