Reliance Infrastructure is set to receive ₹950 crore from Damodar Valley Corporation (DVC) following a favorable ruling by the Calcutta High Court. The court upheld an arbitration award against DVC, dismissing the latter’s appeal through its division bench.
Key Highlights:
- Arbitration Win: The Calcutta High Court has upheld the ₹950 crore arbitration award in favor of Reliance Infrastructure.
- DVC’s Appeal Dismissed: The appeal by DVC was rejected by the division bench of the Calcutta High Court, confirming the award.
- Release of Funds: Alongside the ₹950 crore, Reliance Infrastructure is also expected to have its ₹600 crore bank guarantee released within four weeks.
This decision marks a significant financial gain for Reliance Infrastructure, as it not only secures a substantial payout but also frees up previously blocked funds through the bank guarantee. The ruling solidifies the company’s position and bolsters its financial standing.
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