Reliance Infra Wins Rs 405 Crore Arbitration Award
ECONOMY & POLICY

Reliance Infra Wins Rs 405 Crore Arbitration Award

Reliance Infrastructure, a subsidiary of the Reliance-Anil Ambani group, has won a Rs 405 crore arbitration award after the Calcutta High Court ruled in its favor in a dispute with West Bengal-based Damodar Valley Corp (DVC).

The overall award is worth around Rs 1,354 crore, including a bank guarantee of Rs 354 crore provided by DVC, a public sector enterprise. DVC had previously released the bank guarantee and paid the business Rs 595 crore.

Rel Infra was awarded a contract to build a thermal power plant in Raghunathpur, West Bengal, for Rs 3,750 crore more than ten years ago. DVC sought damages from Rel Infra after the project experienced multiple disagreements and delays. Rel Infra, on the other hand, disputed this, and an arbitration tribunal sided with the firm. Following multiple rounds of judicial proceedings, Rel Infra is now scheduled to get the remaining Rs 405 crore from DVC.

In a filing with BSE, Rel Infra said the HC, ?except for certain issues, has upheld the majority of the award to the extent of Rs 1,354 crore, including interest till date and includes bank guarantees of Rs 354 crore which were returned by DVC to the company at the direction of the Arbitral Tribunal.?

According to the company's statement, Rel Infra is reviewing the verdict and will take appropriate action.

Reliance Infrastructure, a subsidiary of the Reliance-Anil Ambani group, has won a Rs 405 crore arbitration award after the Calcutta High Court ruled in its favor in a dispute with West Bengal-based Damodar Valley Corp (DVC). The overall award is worth around Rs 1,354 crore, including a bank guarantee of Rs 354 crore provided by DVC, a public sector enterprise. DVC had previously released the bank guarantee and paid the business Rs 595 crore. Rel Infra was awarded a contract to build a thermal power plant in Raghunathpur, West Bengal, for Rs 3,750 crore more than ten years ago. DVC sought damages from Rel Infra after the project experienced multiple disagreements and delays. Rel Infra, on the other hand, disputed this, and an arbitration tribunal sided with the firm. Following multiple rounds of judicial proceedings, Rel Infra is now scheduled to get the remaining Rs 405 crore from DVC. In a filing with BSE, Rel Infra said the HC, ?except for certain issues, has upheld the majority of the award to the extent of Rs 1,354 crore, including interest till date and includes bank guarantees of Rs 354 crore which were returned by DVC to the company at the direction of the Arbitral Tribunal.? According to the company's statement, Rel Infra is reviewing the verdict and will take appropriate action.

Next Story
Infrastructure Transport

Indian Railways Races Ahead with Vande Bharat Trains and Kavach Tech

Indian Railways is set to revolutionize its network under PM Gati Shakti and Atmanirbhar Bharat with initiatives like manufacturing 400 next-generation Vande Bharat trains and deploying Kavach, a world-class indigenous safety system. The Ministry of Finance emphasized this commitment in a recent update on X, stating, ""Indian Railways is selecting technology partners to indigenously manufacture energy-efficient Vande Bharat trains. #BudgetForViksitBharat.""With 68 Vande Bharat Express trains already operational across 15 zones, Indian Railways aims to expand its fleet over the next three years..

Next Story
Infrastructure Urban

Tourism Development in Manali Gets Rs 1.5 billion Boost

Chief Minister Sukhvinder Singh Sukhu unveiled a tourism development project worth Rs 1.5 billion, funded by the Asian Development Bank (ADB), to upgrade tourism infrastructure in Manali. The announcement was made during the inauguration of the Sharad-Utsav Winter Carnival at Manu Rangshala.Sukhu also revealed plans for a Rs 150 milllion bridge connecting Rangdi to the left bank to reduce traffic congestion at Manali’s entrance. Additional initiatives include developing hot water bath facilities, a nature park, and amenities at Kalath, alongside enhancing the region's natural hot springs.The..

Next Story
Infrastructure Urban

OYO to Expand Footprint with 500 Hotels in Religious Hubs

OYO, the global hospitality tech leader, announced plans to launch 500 hotels in major Indian pilgrimage destinations, aligning with the government’s push to enhance spiritual tourism. The expansion covers popular hubs such as Ayodhya, Varanasi, Prayagraj, Haridwar, Puri, and more, ensuring quality stays for millions of devotees.Ayodhya will see the highest focus, with over 150 new hotels to meet rising demand following the Ram Temple inauguration last year. Ayodhya also became the most-searched spiritual destination on the OYO app, recording a 39 per cent growth in searches for New Year hol..

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