Reliance Infra secures Rs 4.05 bn victory in legal battle with DVC
ECONOMY & POLICY

Reliance Infra secures Rs 4.05 bn victory in legal battle with DVC

Reliance Infrastructure, a member of the Reliance-Anil Ambani group, has emerged victorious in a long-standing legal battle with West Bengal-based Damodar Valley Corp (DVC). The Calcutta High Court ruled in favour of Reliance Infrastructure in an arbitration case, awarding them a substantial sum of at least Rs 4.05 billion. This judgment is part of a larger award totalling approximately Rs 13.54 billion. The awarded amount encompasses the release of an Rs 3.54 billion bank guarantee by DVC, a government-owned enterprise.

The dispute originated over a decade ago when Reliance Infrastructure secured a contract worth Rs 37.50 billion to establish a thermal power project in Raghunathpur, West Bengal. The project faced numerous challenges, leading to disputes and delays. Damodar Valley Corp sought damages from Reliance Infrastructure, but the company contested these claims. Eventually, an arbitration tribunal sided with Reliance Infrastructure, a decision that was subsequently upheld through several rounds of court proceedings.

In response to the ruling, Reliance Infrastructure stated in a filing with the Bombay Stock Exchange (BSE) that the High Court had validated the majority of the award, amounting to Rs 13.54 billion, inclusive of accrued interest. This sum also incorporates the Rs 3.54 billion bank guarantees that DVC had returned to Reliance Infrastructure as directed by the Arbitral Tribunal. Consequently, Reliance Infrastructure is poised to receive the remaining balance of Rs 4.05 billion from DVC, marking the resolution of this protracted legal dispute.

Redefine the future of urban mobility! Join us at the Metro Rail Conference 2025 to explore groundbreaking ideas and insights. 👉 Register today!

Reliance Infrastructure, a member of the Reliance-Anil Ambani group, has emerged victorious in a long-standing legal battle with West Bengal-based Damodar Valley Corp (DVC). The Calcutta High Court ruled in favour of Reliance Infrastructure in an arbitration case, awarding them a substantial sum of at least Rs 4.05 billion. This judgment is part of a larger award totalling approximately Rs 13.54 billion. The awarded amount encompasses the release of an Rs 3.54 billion bank guarantee by DVC, a government-owned enterprise. The dispute originated over a decade ago when Reliance Infrastructure secured a contract worth Rs 37.50 billion to establish a thermal power project in Raghunathpur, West Bengal. The project faced numerous challenges, leading to disputes and delays. Damodar Valley Corp sought damages from Reliance Infrastructure, but the company contested these claims. Eventually, an arbitration tribunal sided with Reliance Infrastructure, a decision that was subsequently upheld through several rounds of court proceedings. In response to the ruling, Reliance Infrastructure stated in a filing with the Bombay Stock Exchange (BSE) that the High Court had validated the majority of the award, amounting to Rs 13.54 billion, inclusive of accrued interest. This sum also incorporates the Rs 3.54 billion bank guarantees that DVC had returned to Reliance Infrastructure as directed by the Arbitral Tribunal. Consequently, Reliance Infrastructure is poised to receive the remaining balance of Rs 4.05 billion from DVC, marking the resolution of this protracted legal dispute.

Next Story
Real Estate

Colliers India Transacts 207,000 sq ft office space at Embassy TechVillage

Embassy Office Parks REIT, India’s first listed REIT and the largest office REIT in Asia by area, announced that it has signed an Agreement to Lease (‘ATL’) with global cyber security company Rubrik at Embassy TechVillage in Bengaluru.Colliers, a leading global diversified professional services company, specialising in commercial real estate services, engineering consultancy and investment management facilitated the transaction for Rubrik.Located on Bengaluru’s Outer Ring Road, Embassy TechVillage is one of Embassy REIT’s flagship office parks which offers world-class office spaces, ..

Next Story
Infrastructure Urban

Ensemble Infrastructure India Appoints Suman Saha as Director of Design

Ensemble Infrastructure India Ltd, a leading workplace design and build fit-out company, has appointed Suman Saha as its new Director of Design. With 25 years of experience in the industry, Suman is recognized for his innovative approach and excellence in design leadership.Working closely with the CEO, Suman’s appointment will enhance the company’s design communication across multiple touchpoints, ensuring smooth collaboration between clients, designers, and execution teams for superior project outcomes. Under his guidance, Ensemble will focus on creating workspaces and design labs that em..

Next Story
Products

Ribbon Vanity by Küche7: Fluid Design Meets Everyday Elegance

Küche7, pioneers in luxury stainless steel kitchens, have unveiled the Ribbon Vanity, a graceful creation that transforms bathroom spaces with its soft, flowing design and understated sophistication. Inspired by the fluid form of a ribbon, this vanity combines smooth finishes, clean lines, and gentle curves, offering a timeless aesthetic that seamlessly complements diverse interior styles.Available in a refined blush pink hue, the Ribbon Vanity effortlessly merges functionality with elegance. With thoughtfully designed storage options, it ensures that bathroom essentials are neatly organised ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000