Anil Ambani’s flagship Reliance Infrastructure Ltd has said it will have to pay ₹494 crore, plus interest, following an arbitral award on December 18, 2024, in its dispute over an EPC contract with Aravali Power Company Pvt Ltd (APCPL). Has been ordered.
Reliance Infrastructure said in a regulatory filing that it is informed that the company has today received an Arbitral Award dated December 18, 2024, made by the Arbitral Tribunal in respect of the EPC contract between Aravali Power Company Private Limited (APCPL) and the company. Case passed.
He said the three-member tribunal ruled in favor of APCPL by a 2:1 majority. The three-member arbitral tribunal ruled in favor of APCPL by a majority of 2:1. The award against the company is ₹494 crore plus interest.
Reliance Infrastructure said the company is reviewing the award and plans to challenge it through appropriate legal processes to protect its interests. The Company is in the process of conducting a detailed review of the award and will initiate appropriate proceedings to challenge the award as per legal advice and will take all steps to protect its interests.
Last month, Reliance Infrastructure had said its wholly-owned subsidiary JR Toll Road Pvt Ltd (JRTR) has signed an agreement with Yes Bank Ltd (YBL) to resolve all its outstanding debt.
The agreement, dated November 26, 2024, involves a financial obligation of ₹271.18 crore, including principal and interest, the company said in a stock exchange filing. The agreement relieves Reliance Infrastructure, which was acting as corporate guarantor for JRTR, from any further liability related to the loan. The company mentioned in a stock exchange notification.
On Friday (December 20), shares of Reliance Infrastructure Ltd closed at ₹287.25 on BSE, showing a decline of ₹6.60 or 2.25%.
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