Reliance Infrastructure Ltd said it filed an arbitration claim of $1.7 billion in relation to a deal to sell its Mumbai power distribution business to Adani Transmission Ltd.
Reliance cited a breach in the terms of a December 2017 agreement, and filed its statement of claim before the Mumbai Centre for International Arbitration, according to a stock exchange filing. It did not elaborate on the dispute.
“The financial implication cannot be ascertained and is contingent upon the final outcome of arbitration and subsequent legal challenges,” Reliance said.
Reliance Infra to Sell Mumbai Power Unit for $2 Billion to Adani Calls to Adani Transmission’s main line went unanswered outside of regular business hours on Sunday, and there was no immediate reply to an email seeking comment.
September 12, 2022