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Reliance Power unit wins $56 million arbitration award; shares up 0.74%

Reliance Power said the arbitration related to a contractual dispute in the context of company's coal mines in Indonesia

Press Trust of India  |  New Delhi 

Reliance Power
Reliance Power (Photo: Reuters)

Power on Thursday said its wholly-owned subsidiary Power Netherlands BV has won an international arbitration award of USD 56 million (Rs 390 crore) against (a Seychelles-based company) and Kokos Jiang.

Power said the arbitration related to a contractual dispute in the context of company's coal mines in

"The constituted under International Arbitration Centre (SIAC) rules in Singapore, in its award on August 21, 2018, has ordered the respondents jointly and severally to pay USD 56 million to Netherlands BV," said in a regulatory filing.

Kokos Jiang is the owner of in from whom had acquired the entire economic interest in three concessions in in 2010.

These concessions have total coal resources ofthe around 1.5 billion tonnes with the potential to produce up to 30 million tonnes of coal per annum.

Shares of Reliance Power were trading 0.74 per cent higher at Rs 33.95 apiece on BSE.

First Published: Thu, August 23 2018. 13:08 IST
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