Reliance Infrastructure Ltd asked to pay Rs. 1215 crore arbitral award

Reliance Infrastructure Ltd is in receipt of an arbitral award passed by the Singapore International Arbitration Centre in the matter of an arbitration between Shanghai Electric Group Co Ltd. and the Company relating to the disputes in connection with an alleged guarantee provided by the Company in relation to the construction of the Sasan Ultra-Mega Power Project. The Award against the Company is for a sum of ~Rs.1215 crore (including interest and expenses).

The Company is in process of undertaking a detailed review of the Award and will initiate appropriate proceedings, as per legal advice, to challenge the Award and shall take all appropriate steps to safeguard its interests.

Shares of Reliance Infrastructure Limited was last trading in BSE at Rs. 157.35 as compared to the previous close of Rs. 161.95. The total number of shares traded during the day was 269462 in over 5135 trades.

The stock hit an intraday high of Rs. 163.90 and intraday low of 156.60. The net turnover during the day was Rs. 43139499.00.

Source : Equity Bulls

Keywords

RelianceInfrastructure INE036A01016 ArbitralAward Against Payment InternationalArbitration