Reliance Infra asked to pay Rs1,215 crore arbitral award; Stock slips 1.5%

Reliance Infrastructure Ltd has informed that it is in receipt of an arbitral award passed by the Singapore International Arbitration Centre in the matter of an arbitration between Shanghai Electric Group Co Ltd. and the Company.

As per the filing, the disputes related to in connection with an alleged guarantee provided by the Company in relation to the construction of the Sasan Ultra-Mega Power Project. The Award against the Company is for a sum of ~Rs1,215 crore (including interest and expenses).

Reliace Infra said in a filing, "The Company is in process of undertaking a detailed review of the Award and will initiate appropriate proceedings, as per legal advice, to challenge the Award and shall take all appropriate steps to safeguard its interests."

On Wednesday, at around 12:32 PM, Reliance Infrastructure Ltd is currently trading at Rs154.75 per share down by Rs2.6 or 1.65% from its previous closing of Rs157.35 per share on the BSE.

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