Reliance Infra Files $1.7 Billion Claim In Power Deal With Adani
Date
9/11/2022 7:16:12 AM
(MENAFN- The Peninsula) Bloomberg
Reliance Infrastructure Ltd. said it filed an arbitration claim of 134 billion rupees ($1.7 billion) in relation to a deal to sell its Mumbai power-distribution business to Adani Transmission Ltd.
Reliance cited a breach in the terms of a December 2017 agreement, and filed its statement of claim before the Mumbai Centre for International Arbitration, according to a stock exchange filing. It did not elaborate on the dispute.
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'The financial implication cannot be ascertained and is contingent upon the final outcome of arbitration and subsequent legal challenges,” Reliance said.
Reliance Infra to Sell Mumbai Power Unit for $2 Billion to Adani
Calls to Adani Transmission's main line went unanswered outside of regular business hours on Sunday, and there was no immediate reply to an email seeking comment.
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