Reliance Infra wins Arbitration award of 350 crore

Reliance Infrastructure (RELINFRA) announced that it had won an arbitration award of 350 crore, including interest against the government of Goa. The dispute had been taken to arbitration when the Goa state utility delayed payments to Reliance Infrastructure for the power supplied to it from its 48 MW-Goa power plant in Sancoale. The Arbitration Tribunal directed the government of Goa to pay 350 crore, failure to which would lead to interest payments of 15 per cent per annum to RELINFRA.

The Goa government has so far deposited Rs 50 crore in November 2019, and Rs 44 crore on December 20, 2019, in the court. The company will request the government to pay the balance 75 per cent of the Arbitral award against Bank Guarantee immediately, the proceeds of which will be used to reduce the debt of the company.

Reliance Infrastructure (RELINFRA) is involved in the infrastructure sector and has presence across a chain of power businesses, such as generation, transmission, distribution, and power trading.

By Friday's market close, the stock was trading at Rs 26.80 up by 0.19 per cent or Rs 0.05 per share on NSE. The 52-week high was recorded at Rs 325 and the 52-week low was recorded at Rs 18.