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Reliance Infrastructure (RInfra) has filed an arbitration claim of Rs 13,400 crore against Adani Group in the Mumbai Centre for International Arbitration (MCIA). Reliance cited a breach of a December 2017 share purchase agreement relating to the transfer of its Mumbai power distribution business to Adani Transmission.
“The financial implication cannot be ascertained and is contingent upon the final outcome of arbitration and subsequent legal challenges,” the Anil Ambani Group company said in a filing with the stock exchanges on Friday. RInfra did not give any details of the dispute.
In 2017, Adani Group acquired the Mumbai power business in a Rs 18,800-crore deal, under which RInfra had sold its energy business in the city, including generation, distribution and transmission to Adani Transmission. The funds were used to repay the lenders.
The MCIA is a first-of-its-kind arbitral institution in India, established in a joint initiative between the domestic and international business and legal communities, according to a statement on its website.
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First Published: Sun, September 11 2022. 20:10 IST