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Reliance Infrastructure, an Anil Ambani group company, has moved the Mumbai Centre for International Arbitration against the Adani group in relation to disputes with regard to breach of the terms of the share purchase agreement December 2017 relating to transfer of Mumbai power distribution business to Adani Transmission.
Reliance Infrastructure has filed its statement of arbitration claims for a sum of approx Rs 13,400 crore before the Mumbai Centre for International Arbitration, the company said.
"The financial implication cannot be ascertained and is contingent upon the final outcome of arbitration and subsequent legal challenges," it said in a filing to the stock exchanges. Reliance Infrastructure did not give any details on the dispute.
In 2017, the Adani group had acquired the Mumbai power business in a Rs 18,800-crore deal under which Anil Ambani company 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 Mumbai Centre for International Arbitration (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, per a statement on MCIA site.
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First Published: Fri, September 09 2022. 22:47 IST