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Reliance Infra had filed arbitration claim of Rs 500 crore: Adani

Reacts to RInfra statement of last week, which said it has filed a claim of Rs 13,400 crore; Adani says it has filed counterclaims

Topics
RInfra | Adani Electricity | Reliance Infrastructure

Dev Chatterjee  |  Mumbai 



Adani
In 2017, Adani Transmission had acquired RInfra's Mumbai power business consisting of generation, distribution and transmission in a Rs 18,800-crore deal

The group said Reliance Infrastructure, part of the Reliance Anil Dhirubhai Ambani Group, had initiated arbitration on one specific dispute under the Share Purchase Agreement (SPA) in December 2021 with a claim for just Rs 500 crore. said it has filed counterclaims against the Ambani company.

The group firm, was reacting to a statement of last week, which said it has filed an arbitration claim of Rs 13,400 crore against in the Mumbai Centre for International Arbitration (MCIA).

Reliance had cited a breach of a December 2017 share purchase agreement relating to the transfer of its Mumbai business to . Neither side gave any specific details about the dispute.

The Adani group said after following due process, Adani Transmission/ rejected the claim and in addition, ATL/ submitted that has not yet settled AEML’s significantly larger claims under the shareholders purchase agreement.

In February and August this year, filed supplementary arbitration requests, raising additional disputes and claims, the Adani statement said. "In our view, these are afterthoughts and based on untenable positions. ATL/Adani Electricity is following the due process laid out under the SPA for dispute resolution and will respond with facts and present its own claims against RInfra in the arbitration proceedings," the Adani group said.

In 2017, had acquired RInfra's Mumbai power business consisting of generation, distribution and transmission in a Rs 18,800-crore deal. The funds were used to repay the lenders.The MCIA is an arbitral institution in India, established as a joint initiative of domestic and international business and legal communities, according to a statement on its website.

The stock closed 7.17 per cent up at Rs 174.10 a share on . closed 1 per cent up at Rs 4,006 a share.


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First Published: Mon, September 12 2022. 17:40 IST

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