Reliance Infra Wins $632 Million Arbitration Against Delhi Metro

Reliance Infrastructure Ltd. won a four-year battle for control of money from an arbitration award that it says it needs to repay lenders, Bloomberg News reported. A two-judge panel of the Indian Supreme Court on Thursday upheld the 2017 arbitration award in favor of the Anil Ambani’s unit. The arbitration tribunal award is worth over 46.6 billion rupees ($632 million) including interest, according to Reliance Infrastructure’s annual report. Reliance Infrastructure Ltd. won a four-year battle for control of money from an arbitration award that it says it needs to repay lenders. A two-judge panel of the Supreme Court on Thursday upheld the 2017 arbitration award in favor of the Anil Ambani’s unit. The arbitration tribunal award is worth over 46.6 billion rupees ($632 million) including interest, according to Reliance Infrastructure’s annual report. Reliance Infrastructure’s unit had in 2008 entered into a contract with Delhi Metro for running the country’s first private city rail project till 2038. Following disputes over fee and operations in 2012, Ambani’s firm stopped operating the capital’s airport metro project and initiated an arbitration case against Delhi Metro alleging violation of contract and sought a termination fee. Read more.
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