Reliance Power (Photo: Reuters)
Power on Thursday said its wholly-owned subsidiary Reliance
Power Netherlands BV has won an international arbitration award of USD 56 million (Rs 390 crore) against Prestige Capital Holdings
(a Seychelles-based company) and Kokos Jiang.
Power said the arbitration related to a contractual dispute in the context of company's coal mines in Indonesia.
"The Arbitration Tribunal
constituted under Singapore
International Arbitration Centre (SIAC) rules in Singapore, in its award on August 21, 2018, has ordered the respondents jointly and severally to pay USD 56 million to Reliance
Power Netherlands BV," Reliance
Power said in a regulatory filing.
concessions have total coal resources ofthe around 1.5 billion tonnes with the potential to produce up to 30 million tonnes of coal per annum.
Shares of Reliance
Power were trading 0.74 per cent higher at Rs 33.95 apiece on BSE.