Top News

Reliance Infrastructure (RInfra) on Wednesday said it has secured an arbitration award of Rs 526 crore against Aravali Power Company Pvt Ltd. In an exchange filing the company stated that the arbitration was initiated after Aravali Power wrongfully terminated a contract in 2018. RInfra Wins Rs 526 cr Arbitration Award 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.  Why RInfra Invoked Arbitration Against APCPL? Reliance Infrastructure (RInfra) had invoked arbitration against Aravali Power Company Pvt Ltd (APCPL) in 2018 after the latter’s termination of a contract that RInfra claimed was wrongful. The dispute began after APCPL alleged a breach of contract issued a termination notice and also invoked arbitration the same year.  On July 1 the Delhi High Court sought RInfra’s response to a petition by APCPL seeking enforcement of a Rs 600-crore arbitral award it secured against the Anil Ambani-led firm in December last year. RInfra is part of the Reliance Group is an Indian private-sector enterprise engaged in power generation infrastructure construction and defence. As of August 13 the company’s market capitalisation was at Rs 10501 crore. (With Inputs From PTI)