Reliance Power’s wholly owned subsidiary -- Reliance Power Netherlands BV has won a lawsuit in the Central Jakarta district court in Indonesia, challenging the validity of Singapore arbitration award favouring Reliance Power.
Kokos Jiang and Prestige Capital Holdings, who were respondents in the arbitration, had filed a lawsuit in Jakarta court requesting nullification of the entire arbitration award. As per the said Singapore arbitration award, arbitrators had ordered Kokos Jiang (earlier Known as Kokos Leo Lim) and Prestige Capital Holdings, Seychelles to pay Reliance Power Netherlands BV a sum of $43.2 million along with default interest. The total dues payable by Kokos Jiang and Prestige Capital Holding stand at $68 million as on the day of judgement. With this judgment, Indonesian court has further reinforced the ongoing award execution process. The company is on track to execute the award for a sum of $68 million (Rs 510 crore) during FY 2020-21.
Reliance Power, a part of the Reliance Group, is India’s leading private sector power generation and coal resources company. The company has the largest portfolio of power projects in the private sector, based on coal, gas, hydro and renewable energy.