Reliance Power wins $56-mn arbitration award in Indonesia coal mine dispute

The contractual dispute is in relation to issues faced over starting operations in three coal mining concessions in Indonesia that Reliance Power had acquired in 2010

Anil Ambani-promoted Reliance Power on Thursday said one of its subsidiaries has won an arbitration award in a contractual dispute over its Indonesian coal mines. The company will receive $56 million as compensation.

“Reliance Power Netherlands BV, a wholly-owned subsidiary of Reliance Power, has won an international arbitration award of $56 Million against Prestige Capital Holdings Ltd (a Seychelles based Company) and Kokos Jiang," R Power said in a statement. 

In 2010, Reliance Power had acquired 100 per cent economic interest in three coal mining concessions in Indonesia. This was acquired from Sugico Group, which is owned by Jiang. The