Sasan Power, wholly owned subsidiary of Reliance Power has won an arbitration award against North American Coal Corporation (NACC).
NACC's claim of ~US$ 32 million (~ Rs. 235 crore) consisting of liquidated damages, interest and legal cost has been dismissed.
This is a major milestone in this arbitration with the award received on 18 October 2018 from International Court of Arbitration, International Chamber of Commerce.
Pursuant to the said award, Sasan Power is required to pay only, as per the Contract, outstanding invoices of ~ US$ 2.3 million to NACC (~ Rs. 17 crore)
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