Reliance Infrastructure (RInfra) has won in Delhi High Court (HC) against Delhi Metro Rail Corporation (DMRC). The Delhi HC has upheld the arbitration award of Rs 2,950 crore as compensation along with interest to Delhi Airport Metro Express (DAMEPL), a subsidiary of the company, by a three member Arbitration Tribunal.
The company stands to get Rs 5,060 crore from the award, which it shall entirely utilize to reduce its consolidated debt. This amount is arbitration award amount plus interest till March 31, 2018.
The Delhi HC upheld the validity of the award granted unanimously on the basis of termination provisions of the Concession Agreement, which DAMEPL had utilized to terminate its agreement with DMRC.
RInfra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.
Company Name | CMP |
---|---|
Reliance Industries | 2954.55 |
Indian Oil Corp. | 170.30 |
BPCL | 626.80 |
HPCL | 536.25 |
MRPL | 215.15 |
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