Anil Ambani, owner of Reliance Infra
Anil Ambani-promoted Reliance Infrastructure on Monday said it has won an arbitration award of Rs 2.92 billion against the government of Goa over non-payment of dues by the Goa government towards the supply of electricity.
"The Arbitration Tribunal, in its award on February 16, 2018, has ordered Government of Goa to pay Rs 2.92 billion to Reliance Infrastructure Limited by April 15, 2018. The Tribunal has also ordered payment of interest at 15 per cent per annum on the total award amount if the government of Goa fails to pay the entire award amount by the deadline,” the company said in its statement.
The arbitration was related to prolonged non-payment of dues by the Goa government towards the supply of electricity by Reliance Infrastructure from its 48 Mw Goa Power Plant in Sancoale, the company said in its statement.
“The contention of Reliance Infrastructure Limited that the rate of energy for the period from June 2013 to August 2014 was based on the varying prices of fuel and dollar exchange rate as was agreed to by the Goa Government, was upheld by the Tribunal.
The contention of Goa government that the rated capacity of the plant was to be downrated, right from the second year of operation, for calculation of fixed charges since the parties had already agreed against downrating in 2007, was rejected by the Tribunal,” RInfra said in its statement.