SKIL Infrastructure issues notice for breach of purchase agreement

To Reliance Defence Systems and Reliance Infrastructure

SKIL Infrastructure has issued notice to Reliance Defence Systems (RDSPL) and Reliance Infrastructure (R-Infra) towards breach of the Purchase Agreement dated 4 March 2015 entered into with RDSPL & R-Infra (PA) and have claimed losses of sum of Rs. 8,130 crore (Rupees eight thousand one hundred & thirty crore), and with a further right to claim, failing which the Company shall address the issue by way of Arbitration mechanism to recover its dues.

Also, the Company & its subsidiary have received Arbitration Notice from RDSPL & R-Infra towards alleged breach of terms & conditions of the PA.

 

The Company has denied any breach of the said terms & conditions of the PA and has decided to effectively defend itself during the process of Arbitration.

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